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Traditional Auction

A traditional auction is also known as an unconditional auction: When a property is sold in this way a 10% deposit is paid and contracts are exchanged immediately. Completion normally takes place 28 days later.

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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.