What is an auction terms booklet — what it contains and how to get one

Before any auction, the organiser issues a terms booklet for it. It is effectively the contract you will be bound by if the asset is knocked down to you, so reading it carefully is the most important step before taking part.

What does the terms booklet contain?

• A description of the assets and how they are split into lots.
• The auction type: public or sealed bid.
• The session date and place, and the viewing dates.
• The entry deposit, how it is paid and how it is refunded.
• Payment terms after the sale, their dates and any extra costs.
• Collection, title transfer and the documents required.
• When the deposit is forfeited or a sale cancelled.

Why read it before viewing?

A viewing is far more useful when you already know what to check: the lot numbers, the estimated quantities, and what is and is not included. Many problems after a sale come from a clause nobody read.

How to get a terms booklet from M.O Group

Choose the auction from the current auctions, then order the terms booklet on the site; it is delivered to you cash on delivery. You can also contact us with any question about its terms.

Clauses worth your attention

• Extra costs: some auctions add fees or a commission to the hammer price — budget for them.
• Payment period: paying late can cost you the deposit.
• Condition: "sold as seen" means the inspection is your responsibility.
• Collection period: some assets must be removed from the site within a set time.

After the booklet, the next steps are viewing and preparing the deposit — see how to take part in an auction, step by step.

Common questions