Auction Dictionary

Absolute Auction: A sale at auction whereby the property is sold to the highest bidder without the limitation of a reserve price and without the requirement of a minimum bid.

Agency Relationship: The principal – agent relationship whereby Matt Gutta Auction and Realty Service serves as the agent for the seller (principal) in a transaction.

“As-is”: A property offered in its present condition without any express or implied warranties or representations. All property sold at auction is sold “as-is.”

Auction: The public sale of real or personal property to the highest bidder by a licensed auctioneer.

Auctioneer: In West Virginia, this is a licensed individual who leads the auction and engages in the calling for and the acceptance of competitive bids.

Bidder Number: A specific number assigned to a bidder at registration. The bidder number is used to identify the bidder and his or her purchases.

Buyer’s Premium: A customary fee paid by the winning bidder of the auction. The fee is generally a percentage of the winning bid and such percentage will be disclosed to bidders well in advance of the auction.

Closing: The event whereby the real estate transaction is finalized and funds are exchanged for a deed to the property. The closing date will be established in the sale contract and will usually occur at the office of a closing attorney. Many times, parties are not required to be physically present at the closing and may coordinate with the closing attorney to sign documents in advance. Most closings will occur in 45 days or less.

Closing Attorney: An attorney chosen by the purchaser to perform the legal work associated with closing the transaction. The fees for the closing attorney are paid for by the purchaser. The closing attorney acts as an escrow agent and ensures that the purchaser’s funds are available for disbursement prior to releasing the seller’s deed.

Deed: The document that conveys legal title or real property from the seller to the purchaser.

Live Auction: An auction in which bidding occurs in person at the location of the property.

Live Auction and Online Bidding: An auction whereby multiple bidders may submit bids both in person at the property and online at the same time on the day of the auction. With this method, our auctioneer and support staff will be present at the property on the day and time of the auction and will accept bids from the crowd of bidders while monitoring our online platform and simultaneously accepting bids from online bidders. This method allows for a larger pool of bidders to join the auction from anywhere in the world and compete to purchase your property.

Online Only Bidding: An auction whereby all bids are submitted in real time through our online portal or through our state of the art app. This method allows for a larger pool of bidders to join the auction from anywhere in the world and compete to purchase your property.

Real Estate: Physical land and the structures, fixtures and resources attached to it.

Real Property: Physical land and the structures, fixtures and resources attached to it in addition to a bundle of rights associated with the property.

Settlement Statement: A financial statement that illustrates all of the final accounting associated with the closing of the transaction. This statement is generally produced by the closing attorney and provided to both buyers and sellers prior to closing for their review. The accounting on the statement will illustrate any of your debits and credits associated with the transaction.