There may be a retention clause in a mortgage agreement where the lender may not be prepared to release the entire mortgage advance straightaway, some of the money could be retained until specified work is completed, for example properties are not deemed habitable until a toilet & kitchen sink are fitted.
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.