“On the Ground”…… These are words we commonly hear at Residential Auctions.

Registered to Bid

• All Bidders or Their Representatives must be Registered to Bid
  

Letter of Authority

• Is a letter needed by a Buyers Agent / Buyers Representative to bid on someones behalf
  

Vendor Bid

• Is a Single Bid Permitted by the Vendors
  
• Must be Disclosed by the Auctioneer
  
• Is used by Vendors to encourage Bidding from Buyers
  

Vendors Reserve Price

• Is the Minimum Price the Vendors are willing to accept
  

Is the Property on the Market ?

• Is commonly asked by bidders to confirm if the property has reached the Vendors Reserve Price
  

Passed In

• When the Highest Bid Does Not achieve the Vendors Reserve Price
  
• The Highest Bidder has the first right to negotiate with the Vendors