Glossary

A

AML Check - An identity verification check carried out on the winning buyer to comply with Anti Money Laundering regulations.

Anti Money Laundering Regulations - Legal rules designed to prevent money laundering. Agents are responsible for completing these checks on buyers as part of the transaction process.

Appraisal - A professional estimate of a property's market value.

Auction - A public sale in which a property is sold to the highest bidder.

Auction (Traditional) - An auction where the exchange of contracts takes place immediately when the hammer falls.

Auction (Conditional) - An auction where the winning buyer enters into a reservation agreement at the end of bidding, with up to 20 working days to exchange contracts.

Auction Agreement - A formal agreement between the seller, buyer and the auction house governing the terms of the sale.

Auctioneer - The person who conducts the auction, accepting bids and declaring the property sold. With Bamboo, you become the auctioneer.

Auction House - A company that organises and runs property auctions.

B

Bid - A formal offer of a specified price for a property at auction.

Bid Amount - The price offered by a bidder for a property.

Bidder - A person or organisation placing a formal offer at an auction.

Bidder Deposit - A sum of money paid by a bidder when registering to participate in an auction.

Booked Viewing - When a potential buyer schedules a visit to view a property before the auction takes place.

Buyer - The person who successfully purchases a property.

Buyer Fee - A fee paid by the successful buyer to the auction house, in addition to the purchase price. This is clearly displayed before any bids are placed.

C

Catchment Area - The geographic area from which a service (such as a school or hospital) draws its users. Often a factor in property valuations.

Chain Free Sales - A sale where the buyer can complete the purchase without needing to wait for another property to sell first. Auction sales are typically chain free.

Common Auction Conditions - A standardised set of rules used for property auction sales in England and Wales.

Completion - The final stage of a property transaction when ownership officially transfers and the buyer receives the keys.

Completion Date - The agreed date on which the property title transfers from seller to buyer and the buyer takes possession.

Conditional Online Auctions - An online auction where the winning bidder enters into a reservation agreement with the seller immediately at the end of bidding, with exchange of contracts occurring within up to 28 days.

Conveyance - The legal process of transferring property ownership from one party to another, typically handled by a solicitor.

Credit Rating - An assessment of a person or organisation's ability to meet their financial commitments, based on their financial history.

Credit Report - A detailed record of an individual's credit history, used by lenders to assess creditworthiness when applying for a mortgage or loan.

D

Dashboard - Your branded control panel within the Bamboo platform. This is where you manage auctions, track bidder registrations, and oversee your property listings. It appears seamlessly on your own website.

Deposit - A sum of money paid by the buyer on exchange of contracts as part payment of the purchase price. If the buyer withdraws after exchange, the deposit is typically forfeited.

E

Estate Agent - A professional who manages the sale, purchase, and rental of properties on behalf of clients.

Exchange - The point at which a legally binding contract is created between the seller and buyer for the sale and purchase of a property.

F

Floorplan - A scaled diagram showing the layout and dimensions of rooms within a property.

G

Guide Price - An indication of the seller's minimum price expectation. It is not necessarily the final selling price. Properties are offered subject to a Reserve Price, which is expected to be set no more than 10% above the Guide Price.

Ground Rent - A recurring payment made by the owner of a leasehold property to the freeholder (landowner).

H

Holding Deposit - A sum of money paid immediately upon exchange to secure the transaction.

I

ID Checks - Security verification checks carried out on buyers to comply with legal regulations, completed as part of the registration process.

Iframe - The technology that allows Bamboo's auction platform to be embedded directly within your own website, so it appears fully branded as your own service to your customers.

L

Landlord - A person or entity who rents out land, a building, or accommodation to a tenant.

Legal Pack - A collection of essential documents prepared by the seller's solicitor before auction. Typically includes Title Deeds, Special Conditions of Sale, Land Registry searches, and any applicable Leases.

M

Minimum Price - The lowest price currently on offer for a property.

Mixed Use - A property or development that combines residential with commercial, retail, or other non-residential uses.

N

Negotiator - A property professional who handles negotiations between buyers and sellers on behalf of an estate agency.

O

Online Exchange - The exchange of legally binding contracts between seller and buyer completed through the online auction platform.

Open House Viewings - Scheduled times when prospective buyers can visit and view a property without a specific appointment.

Opening Bid Amount - The first bid placed by a buyer at the start of an auction.

P

PCI Compliance - The Payment Card Industry Data Security Standard (PCI DSS), ensuring that all payment card data is handled securely. The Bamboo platform is fully PCI compliant.

Private Treaty - A traditional method of property sale where the price is negotiated directly between seller and buyer, rather than through an auction process.

Proptech - Short for Property Technology. Bamboo is a proptech company providing auction and bidding technology to estate agents.

Purchase Price - The final price paid by the buyer for a property.

R

Reservation Agreement - A binding agreement between buyer and seller in a conditional auction. It takes the property off the market and reserves it for the buyer until exchange of contracts occurs.

Reservation Fee - A fee payable by the winning bidder in a conditional auction, in addition to the purchase price. It is clearly stated in the property terms and in the bidding box before any bid is placed. This fee is non-refundable, subject to the terms of the Reservation Agreement.

Reserve Price - The minimum price the seller is willing to accept. A property will not be sold below this figure.

RICS Common Auction Conditions - Industry-standard conditions published by the Royal Institution of Chartered Surveyors for property auction sales in England and Wales.

S

Sale Memorandum - A formal document confirming that both the buyer and seller have agreed to the terms of a property transaction.

Sale Price - The final price at which the property is sold when the auction ends.

Section 24 - A provision of the Income Tax Act relating to tax relief on mortgage interest for landlords.

Seller - The person or entity offering their property for sale.

Solicitor - A legal professional who handles the conveyancing process, including contracts, searches, and the transfer of property ownership.

T

Transaction - The complete process of buying or selling a property, from offer to completion.

V

Vendor - A person or company offering a property for sale (used interchangeably with Seller).

W

White-label - Technology that is fully branded to match your agency's identity. Bamboo's platform appears as your own auction service to your customers, with no third-party branding visible.