Subject to Confirmation

See Reserve Auction. Tax Sale Public sale of property at auction by governmental authority, due to nonpayment of property taxes. Terms The period of time that an agreement is in effect. Terms and Conditions The printed rules of the auction and certain aspects of the Purchase & Sale Agreement that are read and/or distributed to potential bidders prior to an auction sale. Tie Bids When two or more bidders bid exactly the same amount at the same time and must be resolved by the auctioneer. Trustee's Sale A sale at auction by a trustee. Upset Price Commonly known as the reserve price.