Absolute
A type of auction in which the property is sold to the highest
bidder at auction regardless of price. Also often described as an auction with “no
minimum, no reserve.”
“As is”
A property offered in its present condition without any
express or
implied warranties or representations. It is a buyer’s responsibility to perform any
desired inspections or due diligence prior to bidding.
Auction
A public sale of real or personal property to the highest
bidder
by a person licensed or authorized for that purpose.
Auctioneer
Any individual who engages in the calling for, the recognition
of,
and the acceptance of competitive bids for the purchase of real or personal
property.
Auction Manager
The member or members of the McCurdy sales team that is taking
the
lead on managing a specific sale.
Bidder Number
A unique number assigned to a bidder at registration, used for
identifying the bidder and the purchases assigned to that bidder.
Buyer’s Premium
A fixed percentage of a bid offered at auction which is then
added
to the final bid in order to determine the property’s purchase price. By way of
example,
if a property is sold at auction with a final bid of $100,000 and a 10% buyer’s
premium
is in effect, that property’s purchase price would $110,000.
By the Acre
A method of sale often used for agricultural or undeveloped
acreage in which bids are made based on a per acre price. By way of example, if a
160
acre parcel was offered “by the acre” the high bid may be $5,000 an acre. That
amount
would then be multiplied times the total acreage to arrive at a total sales price of
$800,000.
Clear Title
Ownership of a property that is free from liens or other
encumbrances that would restrict the owner’s ability to legally convey the property
to
another individual or call into question the owner’s legal ownership of the
property.
Also often called “clean title” or “merchantable title.”
Closing
In the context of a real estate transaction, closing is the
culmination of the contract at which the buyer exchanges certified funds for a deed
of
conveyance from the seller. In the context of an online auction, closing means the
conclusion of the bidding period.
Contingency
An event or condition that’s occurrence or failure to occur
effects the obligations of the parties to a contract.
Earnest Money
Money tendered by the purchaser at the time the purchaser
enters
into a contract for the purchase of property to demonstrate the intention and the
ability of the purchaser to complete the purchase contemplated by the contract. The
money is held in escrow is applied towards the purchase price of the property at
closing.
Escrow
The process of holding property, typically money, by a third
person until the performance of all of the conditions under a contract are met. The
third party then delivers the property in accordance with the agreement of the
parties
in the contract.
High Bidder’s Choice
A method of auction in which multiple properties are offered
together and the high bidder is then granted the right to select their choice
property
or properties. In the event that the high bidder selects multiple properties, their
bid
is multiplied times the number of properties selected. The remaining properties are
then
offered for bidding and the process repeats itself until the selection of properties
have all be sold.
Live Only Auction
An auction in which all the bidding is done in person at the
auction location at the given time and date for the auction.
Live Auction with Online Bidding, Live & Online Auction
An auction featuring both in person bidding at the auction
location and online bidding through McCurdy’s website or bidding app. In Live &
Online Auctions, the auction is livestreamed through McCurdy’s website in order to
permit online bidders to participate in real time with the live auction.
Max Bid
For online auctions, bidders have the ability to set a maximum
bid
and let the software bid automatically on the bidder’s behalf up to the bidder’s
maximum
bid. For certain online auctions, bidders can “pre-bid” or establish their maximum
bid
prior to the start of the auction.
No Minimum, No Reserve
A type of auction in which there is no minimum bid requirement
and
no reserve amount established by the seller. Instead, the property is sold to the
highest bidder at auction regardless of price.
Online Only Auction
An auction in which all the bidding is done through McCurdy’s
website or bidding app over the course of the auction.
Property Information Package (“PIP”)
The packet of property specific information prepared by
McCurdy
from a variety of sources, including, but not limited to, public records, seller
information, and other sources.
Ringman
Member of the auction team who assists the auctioneer,
provides
information to prospective bidders, spots bids, and communicates bids to the
auctioneer.
Simulcast
An auction featuring both in person bidding at the auction
location and online bidding through McCurdy’s website or bidding app. In Live &
Online or Simulcast Auctions, the auction is livestreamed through McCurdy’s website
in
order to permit online bidders to participate in real time with the live auction.
Separate & Together
A method of sale in which multiple properties are offered
individually and the high bid is reserved for each property. The high bids for each
property are then added together and the properties are offered collectively for the
cumulative high bid. If a bidder raises the cumulative high bid, the properties are
sold
together.
Subject to Seller Confirmation
A type of auction in which the seller reserves the right to
either
accept or reject the highest bid offered at auction.
Title Insurance
A form of insurance or indemnity that protects the insured
against
financial loss resulting from defects in title to real property.
Terms & Conditions
The rules governing the conduct of the auction.
