Glossary

1. Indicative price
2. Reserve Price
3. Market Price
4. Pre-Auction Bid
5. Bidder preference
6. Process flow
7. Terms and Condition
8. Real Estate bidding
9. Listing Agreement
10. Purchase Agreement
11. COS
12. ABO - Auction By Owner
13. Property Listing
14. Paddle
15. Earnest Deposit

Indicative Price
This is the price fixed by the marketing team and is less than the reserve price. The bid is considered winning only when the bid value is in accordance with the Reserve Price. In condition when it’s not, a negotiation is done with the owner. In case when owner accepts the negotiated value, property gets sold to the buyer. Otherwise the bid is considered ineffective.

Reserve price
This is the lowest price at which a seller agrees to sell the property or service to a buyer.

Market Price
This is the price at which a property is presented in the market and represents the most reasonable deal.

Pre-auction bid
This is the offer made on a property, when it gets sold even before the auction starts.

Bidder preference
This is the list of choices a buyer has, which may include stats like location, property type, price and more.

Process Flow
Steps in the process that initiates from listing a property for sale until the same gets sold.

Terms and Conditions
These are the terms and conditions that are followed at SriShan Bid (any real estate bidding company) while buying or selling a property.

Real Estate Bidding
Real Estate Bidding, a relatively new method in Malaysian market, is a property auction carried out in an open manner. This helps both buyers and sellers get the real value for the property getting auctioned.

Listing Agreement
This is an agreement made between the Auction Company and seller of property. This agreement gives auctioneer the right to sell the said property in market.

Purchase Agreement
This is a legal agreement that describes the details of a property getting sold. It may include terms of sale, price and more.

COS: Condition of Sale
This is a written or print version of the terms proposed by a vendor when planning to auction or sell the property in market.

ABO: Auction By owner
This involves direct participation of the owner in an open bidding auction to sell the property at the reserve price or above this.

Property Listing
This represents an agreement made between the bidding company and owner who are willing to sell the property. This is usually done in return of a fixed commission paid to the company.

Paddle
This is a small wooden board that has imprinted on it registration number of the bidder. The bidder needs this to participate in any auction event.

Earnest Deposit
This is the amount deposited to participate in any auction and is 2% of the indicative cost of the same.