Understanding Real Estate Terms and Methods

Auction:

Auction sales and purchases are unconditional

A buyer cannot attach conditions to an auction purchase. Once the bid is accepted and the auctioneer’s hammer has fallen the sale will be unconditional and must go ahead.

For further information see here

Advertised price:

The buyer can make an offer at any time when a property is being sold at an advertised price with n time limit.

For further information see here

 

Tender:

When a property is being sold by tender, prospective buyers make confidential written offers to the salesperson before a deadline.

For further information see here  

Deadline Sale:

In a deadline sale, a property is marketed for a set period with an advertised end date.

For further information see here

Building

For stages of the building process see here