The terms to knowOn this Real Estate Auction Style Online Platform, the More I Know the Better My Results Become

There are a number of terms used on this website and related to our listings, bidding, buying, selling and leasing that are defined below for better understanding. You are most likely familiar with most of the terms, but it doesn't hurt to review them as they are use on this website.

• Auction-Style Listing – is a listing of a property available for buying/selling/leasing. The Platform provided by the website is a tool for the use of the users to communicate with each other regarding each property. The Website has a collection of Listings, many are auction-style listings.
• Listing Party – means the person who lists a Property for sale on the Website. This is a licensed real estate broker/agent such as the Seller's broker/agent or the owner/broker. In some cases, the Listing Party is also a licensed auctioneer.
• Platform – means the technology, software, etc provided by the website as a tool for the use of the Platform Users to communicate with each other regarding each property.
• Platform Users – means the Listing Party, Seller, Seller's Broker, Bidder, Buyer, and Buyer's Broker, and/or any other party involved in the transaction as principal or agent, for each individual Listing.
• Bidder – means the person who bids on a Property in any Listing on the Website.
• Buyer – means Winning Bidder who is purchasing the Property.
• Buyer's Broker – means the licensed real estate broker or agent who represents the Bidder and/or Buyer of a Property regarding a Listing on this Website.
• Buyer's Fee - Buyer's Fee is equal to $777 plus 2.77% of the Transaction Value and is paid by Buyer through the closing process. On sales, Buyers Fee is added to the Transaction Value based upon the Winning Bid to arrive at the Total Purchase Price.
• Tenant's Fee - is equal to 2.77% of one year's rent and is paid by the Tenant upon signing a lease or paying the first month's rent.
• Reserve Price – means a minimum selling price the Seller has established; however, Seller of the Property can accept or reject any bid at any time.
• Seller – means the owner of the Property being sold on the Website and includes the selling entity and any parent company, subsidiaries, or affiliated companies.
• Seller's Broker – means the licensed real estate broker and its representatives, employees, sales agents, etc. who represent the Seller of a Listing on the Website. This is usually the Listing Party.
• Site-Master – means the Owner/Operator of the Website providing the Auction-Style Listing Platform.
• Total Purchase Price - is the total of the Transaction value based upon the Wining Bid amount, plus the Buyer's Fee.
• Transaction Value - Transaction value is the total value of the transaction resulting from the bidding. Where the bidding is on a unit price, the Transaction Value is the Winning Bid time the number of units included. On leases, it is the monthly rent times the term of the lease in months. In residential leases, it is the value of 12 months' of rent.
• Winning Bid – in Manual Listings is the bid selected by the Listing Party. In automatic Listings, the Website will automatically select the Winning Bid based upon the Listing's criteria. This is usually the highest bid that is higher than the Reserve Price (if any), or the Buy-it-Now Price (if any) accepted by Bidder. Winning bid is subject to Seller's acceptance.
• Winning Bidder – is the entity or person who places the Winning Bid for a Listing.