A percentage of the high (winning) bid that is added to the high (winning) bid to
establish the total purchase price.
An example of a 10% buyer's premium: if the high (winning) bid is $100,000, the
buyer's premium is $10,000 and the total purchase price is $110,000.
At an absolute auction, the property will be sold to the highest bidder, regardless
of price. This is often called an auction "without reserve."
At a reserve auction, the seller either announces in advance the minimum price ("reserve")
that must be achieved at the auction, or reserves the right to confirm the highest
bid at the end of the sale. Unless otherwise specified, auctions are reserve auctions.
As-Is, Where-Is Condition
The property is being sold in its current condition. No representation as to the
condition of the property is being made, no warranty or guarantee is being implied,
and no inspection or other contingencies apply.
A deposit toward the purchase of real estate made by a buyer to demonstrate that
he or she is serious, "earnest", about the purchase.