Auction Definitions

DEFINITIONS & INTERPRETATION
- “Auctioneer” means Farrell Auctioneers, Valuers and Estate Agents Limited.
- “Buyer” means the highest Bidder acceptable to the Auctioneer who buys at the hammer price.
- “Vendor” is the name given to the Seller of the property.
- “Catalogue” means any advertisement, brochure, estimate, price, or other publication displayed on Farrell Auctioneers, Valuers and Estate Agents Limited website or otherwise.
- “Lot” means any item which is placed with the Auctioneer with a view to it being sold at auction.
- “Bid” constitutes the purchaser’s offer to purchase the Lot.
- “Hammer Price” means the price at which bidding on a Lot finishes at the time of close of auction after meeting the reserve set by the Auctioneer.
- “Reserve” means the minimum set amount accepted on the day.
- “V.A.T.” means Value Added Tax.