Definition: The written policies, guidelines, disclosures, terms, and conditions for a specific auction sale, which describe how the sale is to be conducted, the rights and responsibilities of auction participants, any reserves on sale items, payment procedures, fees or other charges paid by buyers, bidder qualifications, and so on. The auction rules are usually made available to prospective auction participants prior to the sale itself. Also known as the "terms and conditions" or "conditions of sale".
Terms, Definitions, and Concepts: Auction, Real Estate
Added: Fri Oct 17 2008