What our Keywords mean
Our auctioneers always talk very fast and talk a lot so here is a handy reminder of the key terms to help you.
Auctioneers Buyers premium: The amount (if any) paid by the buyers to the auctioneers in addition to the hammer (buying) price.
Commission: The amount (if any) paid by the seller to the auctioneers in connection with the sale of the property or asset.
Bid – the amount that the bidder offers to pay for a property at auction. The auctioneer often controls the amount by which bids increase, although bidders can suggest a different amount if they wish.
Bidding paddle / or BUYERS NUMBER – the plastic paddle which any bidder is required to bid live in the auction and which is issued by the auctioneers once you have registered with the correct proof of identity and proof of address for internet and absentee bidders.
Completion – when the full amount has been paid and the transfer signed.
Contract documentation charge – a charge payable by the buyer at the auction to the auctioneers.
Deposit – the amount paid by the buyer on the day of the auction or agreed purchase towards the total purchase cost and which normally needs to be paid in cleared funds either by debit card, online transfer or other electronic methods.
Entering a property (a Lot) – The term used for putting a property up for sale at auction.
Exchange of contracts – The fall of the auctioneer’s hammer or gavel means that contracts have been exchanged and that both the seller and the buyer are legally bound. This term applies weather the agreement happens on the auction day , prior to the auction or up to 28 days post auction.
Gavel – the hammer the auctioneer uses to close the bidding on a lot.
General/Special Condition of sale – these are legal papers that are attached to and form part of the condition of sale. There are different special conditions of sale for each and every lot.
Guide price – provides an indication of the level at which the reserve may be set, but the guide price should not be relied upon as a valuation or assessment of value. The eventual sale price can be above or below the guide price.
Joint auctioneer – generally a local estate agent who will hold the keys and show people around the property and provide local knowledge.
Money laundering regulations – UK law requiring auctioneers to satisfy themselves as to the identity and residential address of all those buying and selling at auction by way of sight of and obtaining copies for records of the official documentation.
Legal pack – the set of documentation provided by the sellers solicitors, giving legal information pertaining to the property and the contract of sale and purchase.
Lot – when a property is entered to auction it is referred to as a lot and given a lot number.
Proxy Bid – where the auctioneer or a member of the auctioneers team bid on behalf of a buyer unable to attend the auction in person up to a specified maximum bid.
Reserve price – this is a confidential figure set by the seller and only ever known by the auctioneer on the day of sale. The auctioneer will not sell below this price, however bidding will often start below the reserve price and progress upwards. Usually quickly.
Special Conditions of sale – These are the unique conditions of sale that relate specifically to each and every lot. They are in addition too and may vary the general conditions of the sale.
Telephone Bid – where a member of the auctioneers team will phone a bidder in order to bid live on behalf of that buyer unable to attend the auction in person.
Proxy Bid : This is a written bid agreed by an absentee bidder who is unable to attend the auction. The auctioneer themselves or one of the auction team will be duly be pre authorised to bid on behalf of the proxy bidder up to a fixed amount.
Withdrawn – this is when a property is sold before the auction, it has been taken off the market or it fails to reach its reserve price during the auction. The auctioneer can chose to withdraw a lot or property for any reason.
- Where a guide price or range of prices is given that guide price is the minimum price at which or range of prices within which the seller might be prepared to sell at on the date on which the guide price is published upon this website. The guide price will normally be at or above the reserve price. The guide price may be subject to change at any time up to and including the day of the auction the latest publish guide price or range of prices is displayed on our website and you are advised to check the website regularly for any updates alternatively you can of course call the office and speak to a member of our team on 01636 558200 for an update on the status of any particular property which you may be interested in.
- All guide prices are always quoted subject to the auction contract.
- Please note the guide price in the lot does not include any buyers fee charged by the auctioneers and the VAT on the sale price, any stamp duty land tax or any other taxes or additional fees which may be payable
- Additional costs and fees charged by the seller or third parties that might apply to some lots and also some buyers’ fees are not included within the guide price.
- if a guide price is listed to be advised that’s TBA it means no guide price has yet been set, should you be interested in this particular property please do not hesitate to call the office on 01636 558200 and the members of staff in the office will endeavor to give you the most up-to-date information.
- For each lot a buyer’s fee is payable on the fall of the Hammer.
- NALC Auctions Ltd charge the following amounts for a residential auction. All lots £650 plus the VAT
- For our chattels and machinery and equipment auctions a minimum of 10% buyer’s premium on the hammer price will be charged.
- Sellers fees and additional charges might be charged by the seller and all other parties. You are strongly advised to read the special conditions of sale for the lot prior to bidding and check any additional charges and fees and to check the addendum. The addendum may but does not always contain details of any such amounts.
- Some lots (commercial property) VAT may be chargeable in addition to the sale price of the lot. The lot particulars and all the special conditions will explain whether VAT is chargeable or not.
- Other matters. Please note that lots may be sold or withdrawn at any time prior to the auction.
- Please note that the amount of security (deposit payable) per lot is variable and must be agreed with the auction department prior to bidding please refer to the addendum and the particulars and conditions of sale which will normally state the guide price and required deposit or bigger security deposit. The required deposit will normally be 10% plus any buyer’s premium
- Plans are reproduced with the consent of promap and ordnance Survey and are licensed by HM stationery office
- Plans and photographs shown in the catalogue and on this website are included in order to assist you in locating the lot in question. They are not necessarily drawn to scale and any arrows on plans or photographs are merely there to assist you in finding the lot itself and not for the purposes of indicating the legal boundary; especially when referring to Land Registry plans.