AUCTION TERMINOLOGY

Commonly Used Words And Phrases

To view our current auctions:

"Authentication"

The real deal!  What the item actually is and not what it is believed to be.

"Appraisal"

An estimate or opinion of value based upon relevant and factual data, as of a given date, and is usually in writing.

"Order Of Sale"

A matter of a division of the property in a sequential order in which the property will be sold.

"Estate"

This is a term that refers to everything you owe and own - Personal and real property that you possess.

"Testate"

A person that dies with a will; if valid, it is admitted to probate for administration.

"Intestate"

When a person dies without a will and leaves no heirs. Disposition of estate is made according to statutes of decent.

"Probate"

Court directs the process of administration of the will.