The following is a glossary of auction terms designed to assist you as a prospective buyer. If you have any queries, please contact a member of the Merlin Property Team on 01-4395470 or firstname.lastname@example.org
Addendum An amendment or addition to the Conditions or to the Particulars or to both whether contained in a supplement to the Catalogue, a written notice from the Auctioneers or an oral announcement at the Auction.
Approved Financial Institution Any bank or building society that is regulated by the Financial Regulator or is otherwise acceptable to the Auctioneers.
Auction The auction advertised in the catalogue.
Auctioneer(s) Merlin Property’s Auctioneers having conduct of the Auction.
Lot Each separate property described in the Catalogue or (as the case may be) the property that the Vendor has agreed to sell and the Purchaser to buy whether the property appears in the catalogue or otherwise (including CHATTELS, if any).
Maximum Price Means the maximum price that you wish to bid for the Lot. This must be shown exclusive of any VAT that might be applicable.
Purchaser The person(s) or entity that agrees to buy the Lot or their representatives/agents.
Registration Form Means the registration form for proxy, telephone and internet bidding.
VAT Means Value Added Tax or any other tax of a similar nature.
Vendor The person(s) or entity that is selling the Lot.
Working Days Has the same meaning as in the Law Society General Conditions of Sale (2009 edition).