Seller Information:

Auctions have long been established as the quickest and best way to
liquidate real estate, personal property, vehicles, etc.

Auctions are flexible, you can be settling an estate or just cleaning out
the attic. We can have an auction on-site, or consign your
merchandise at the auction center.

Our auction staff will sort your merchandise and display it in the best
possible manner. Your items will be advertised and sold as quickly
and efficiently as possible. Within one week of the completion of the
sale you will be sent an itemized listing of your goods and proceeds.

If you have any questions regarding the auction process or our
services, please contact us!


Absentee Bid
A procedure which allows a bidder to participate in the bidding
process without being physically present. Generally, a bidder submits
an offer on an item prior to the auction. Absentee bids are usually
handled under an established set of guidelines by the auctioneer or
his representative. The particular rules and procedures of absentee
bids are unique to each auction company.

Absentee Bidder
A person (or entity) who does not attend the sale but submits, in
advance, a written or oral bid that is the top price he or she will pay
for a given property.

Absolute Auction
An auction where the property is sold to the highest qualified bidder
with no limiting conditions or amount. The seller may not bid
personally or through an agent. Also known as an auction without

The act or process of estimating value.

"As Is"
Selling the property without warranties as to the condition and/or the
fitness of the property for a particular use. Buyers are solely
responsible for examining and judging the property for their own
protection. Otherwise known as "As Is, Where Is" and "In its Present

A method of selling property in a public forum through open and
competitive bidding. Also referred to as: public auction, auction sale
or sale.

Auction Listing Agreement
A contract executed by the auctioneer and the seller which authorizes
the auctioneer to conduct the auction and sets out the terms of the
agreement and the rights and responsibilities of each party.

Auction Price
The price of a property obtained through the auction method of

Auction Value
The price which a particular property brings in open competitive
bidding at public auction.

Auction With Reserve
An auction in which the seller or his agent reserves the right to accept
or decline any and all bids. A minimum acceptable price may or may
not be disclosed and the seller reserves the right to accept or decline
any bid within a specified time.

Auction Without Reserve
(See "Absolute Auction")

The person whom the seller engages to direct, conduct, or be
responsible for a sale by auction. This person may or may not actually
call or cry the auction.

A prospective buyer's indication or offer of a price he or she will pay
to purchase property at auction. Bids are usually in standardized
increments established by the auctioneer.

Bid Acknowledgment
A form executed by the high bidder confirming and acknowledging
the bidder's identify, the bid price and the description of the property.
Also known as Memorandum.

Bidder Number
The number issued to each person who registers at an auction.

Bidder's Choice
A method of sale whereby the successful high bidder wins the right to
choose a property or properties from a grouping of similar or like-kind
properties. After the high bidder's selection, the property is deleted
from the group, and the second round of bidding commences, with
the high bidder in round two choosing a property, which is then
deleted from the group and so on, until all properties are sold.

Buyer's Premium
An advertised percentage of the high bid or flat fee added to the high
bid to determine the total contract price to be paid by the buyer.

The fee charged to the seller by the auctioneer for providing services,
usually a percentage of the gross selling price of the property
established by contract (the listing agreement) prior to the auction.

Conditions of Sale
The legal terms that govern the conduct of an auction, including
acceptable methods of payment, terms, buyer's premiums,
possession, reserves and any other limiting factors of an auction.
Usually included in published advertisements or announced by the
auctioneer prior to the start of the auction.

An agreement between two or more persons or entities which creates
or modifies a legal relationship.

Estate Sale
The sale of property left by a person at his or her death. An estate
auction can involve the sale of personal and/or real property.

Hammer Price
Price established by the last bidder and acknowledged by the
auctioneer before dropping the hammer or gavel.

Minimum Bid Auction
An auction in which the auctioneer will accept bids at or above a
disclosed price. The minimum price is always stated in the brochure
and advertisements and is announced at the auctions.

Opening Bid
The lowest acceptable amount at which the bidding must commence.

No-Sale Fee
A charge paid by the owner of property offered at a reserve auction
when the property does not sell.

Opening Bid
The first bid offered by a bidder at an auction.

On-site Auction
An auction conducted on the premises of the property being sold.

The minimum price that a seller is willing to accept for a property to
be sold at auction. Also known as the reserve price.

Reserve Auction
An auction in which the seller reserves the right to establish a reserve
price, to accept or decline any and all bids or to withdraw the property
at any time prior to the announcement of the completion of the sale by
the auctioneer. See also Auction With Reserve.

Sealed Bid
A method of sale utilized where confidential bids are submitted to be
opened at a predetermined place and time. Not a true auction in that it
does not allow for reaction from the competitive market place.

Entity that has legal possession, (ownership) of any interests, benefits
or rights inherent to the real or personal property.

Terms and Condition
The printed rules of the auction and certain aspects of the Purchase &
Sale Agreement that are read and/or distributed to potential bidders
prior to an auction sale.

Tie Bids
When two or more bidders bid exactly the same amount at the same
time and must be resolved by the auctioneer.

AUCTIONEER: Colonel Matthew G. Lieb
New Jersey Auctions Corp.
Phone: 908-285-7844