AUCTION TERMS

Auctioneer - Any person who has graduated from an accredited auction school and has one year's experience as an apprentice auctioneer or has two years' experience as an apprentice auctioneer in bid calling, for a fee, commission or any other valuable consideration, or with the intention or expectation of receiving the same, by the means of or process of an auction or sale at auction, offers, negotiates or attempts to negotiate a listing contract, sale, purchase or exchange of goods, chattels, merchandise, real or personal property or of any other commodity which may lawfully be kept or offered for sale by or at public auction.

Apprentice Auctioneer - Any person who for compensation or valuable consideration or otherwise is employed, directly or indirectly, by an auctioneer to deal or engage in any activity listed in subdivision (1) of this section.

Absolute Auction - The property sells to the highest bidder regardless of price.  This typically generates a much greater interest among potential buyers resulting in greater attendance at the auction , and a higher final sale price for the item in question.

Buyer's Premium — An amount (usually a percentage) that is added to the winning bid to determine the contract selling price which the buyer pays for the property being sold. The use of the buyer's premium is so effective because it benefits both the buyers and the sellers.  Sellers benefit because it helps to defray many of the expenses associated with conducting an auction.  The buyer benefits because without the use of this tool, there may not have been an auction.  The open and competitive bidding process might not exist if the buyer's premium were not used to offset some of the auction related expenses.

Reserve Auction — The seller establishes a confidential reserve price and has the right to accept or decline the highest bid if it falls below the established reserve.  If the reserve auction method is chosen, it is imperative that the reserve price be realistic.

For additional information, please call:
Redmont Auction & Land Co., Inc.
(205) 822-4229 or 1-888-285-8408