Property auction glossary: key terms in plain English

Core terms

• Guide price — marketing indication, not a cap.
• Reserve — confidential minimum the seller accepts.
• Addendum — late changes to the legal pack or sale details.
• Buyer’s premium — extra fee paid by the buyer to the auctioneer, often plus VAT.
• Memorandum of sale / contract — the signed agreement binding you after a successful bid.

Always cross-check definitions against the specific catalogue’s definitions section — firms sometimes tweak meanings.