Acceptance

The consent of the selling offer to be bound by the terms and conditions of the person making the offer. Acceptance of an offer constitutes an agreement.

Appraisal

A written analysis of the estimated value of a property prepared by a qualified appraiser.

Appreciation

An increase in the value of a property due to changes in market conditions or supply and demand, etc.

Asking Price

The listed price of the property. The owner may be willing to negotiate therefore this may not be the same as the selling price.

Asset

Anything of monetary value that is owned by a person, eg: personal property, bank accounts.

Auction

A public sale of a property or real estate that is sold to the highest bidder when the owner?s reserve is reached. Sellers have the ability to set a reserve price and a suitable settlement date prior to the auction. The auctioneer is not permitted to sell the property below the reserve price without authorisation.