After an offer has been accepted on a property, the agent selling the property produces a 'Memorandum of Sale'. The Memorandum of Sale lists the buyer, vendor, buyer’s conveyancing solicitor and vendor's conveyancing solicitor and confirms the price the buyer has agreed to pay for the property. The selling agent distributes this document to the various parties.
This 'Glossary of Terms' – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.
If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.
For more information on buying or selling at a property auction, have a read of our guide to buying at auction.