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Bid:
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A prospective buyer's offer of a price for the property. Generally, the auctioneer will establish the bid increments during the auction. Knight Frank auctions are held in-person. As such, bidding is done publicly in the auction hall.
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Conditions of sale:
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A set of standard terms and conditions that are applied to the sale and purchase of the property. Prospective buyers must agree to the conditions of sale before participating in the auction.
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Guide price:
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A set of standard terms and conditions that are applied to the sale and purchase of the property. Prospective buyers must agree to the conditions of sale before participating in the auction.
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Opening bid:
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The first bid offered by a bidder at the auction.
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Opening price:
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The opening price is the starting price for the property on auction. It may or may not be the same as the guide price.
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Private treaty:
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Property transaction in a sales mode other than auction or tender.
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Reserve price:
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The reserve price is the minimum price that you set for the sale of the property. The reserve price is not known to prospective buyers. If the highest bid falls below the reserve price, you may still choose to accept the highest bid.
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