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Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or auction company.
|Tax Band||%||Taxable Sum||TAX|
|£0 - £125,000||0%||£0||£0|
|£125,001 - £250,000||2%||£0||£0|
|£250,001 - £925,000||5%||£0||£0|
|£925,001 - £1,500,000||10%||£0||£0|
|£0 - £125,000||0%|
|£125,001 - £250,000||2%|
|£250,001 - £925,000||5%|
|£925,001 - £1,500,000||10%|
Absentee Bid: A procedure that allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or auction company. The particular rules and procedures of absentee bids are unique to each auction company. Absentee Bidder: A person (or entity) that is not present at the auction but submits, in advance, a written or oral bid that is the top price they will pay for a given asset. Absolute Auction: An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also known as an “auction without reserve.” Accounting of Sale: A report issued to the seller by the auctioneer or auction company detailing the financial aspects of the auction. Accredited Auctioneer Real Estate (AARE): The professional designation awarded by the NAA Education Institute to qualified real estate auctioneers who meet the educational and experiential requirements of the Institute and who adhere to a strict code of ethics and standards of practice. In order to be designated with the AARE, auctioneer-scholars are required to complete 42 classroom hours, a detailed written auction summary report, proof of at least 10 real estate auctions, and 24 hours of continuing education every three years. Agent: A person who acts on behalf of another individual or entity.