Auction terms.

[badmomma]

There are some common terms relative to real estate auctions. If you are unfamiliar with them they can be useful.

Contract of sale- This is what you agree to when you register to participate in an auction. You are agreeing to the terms and conditions for the sale of said property.

Inspections- These can usually occur during open houses, you pretty much do them yourself. Visual inspections are important so you have an idea of how much work will be needed.

All of the terms are similar to those of a normal real estate sale. You do however have a difference in that you sign the agreement before you start to bid on the property.