Glossary of Terms

• As-Is – Asset is being sold in its current condition, without warranty or guarantee either expressed or implied. It is the responsibility of the Buyer to thoroughly inspect assets. ALL PURCHASES ARE FINAL
• Absolute/No Reserve – This term means that the asset (Either Real Estate or Personal Property) sells to the Highest Bidder, regardless of Price and Free of all Liens and Encumbrances. No Minimum Bid or Reserve Price may be allowed by the Seller in any circumstance.
• Buyer’s Premium – This term means that whatever the final bid/hammer price is of the asset (Either Real Estate or Personal Property), the Buyer’s Premium is added on top of the final bid/hammer price to determine the overall cost/price of the asset [ie. $ 100.00 plus 10% Buyer’s Premium ($10.00) = $ 110.00]
• Tax –State and City (if applicable) Sales Tax will be charged on purchases in Nebraska unless you provide Jack Nitz & Associates with a Resale Tax Number and fill out Form 13. Tax is not charged on titled vehicles, food or currency. You may fill out a Form 13 for Ag Equipment that qualifies. See Our Bidder Guide for Ag Tax Exemption Qualifications & Guidelines
• X $ (Times the Money) – This term means that whatever the final bid/hammer price is of that asset, that final bid is taken times the amount of assets (ie. $ 100.00 x 4 assets = $ 400.00)
• Choice – A group of assets is sold and the winning high bidder is able to pick from that group of assets and take as many as he/she wants times the bid amount
• All 1 Money – All assets in the lot are sold as one bid
• Soft Close – This applies to Online Only Auctions. Not all items close at the same time. Depending on the number of lots in the catalog, so many lots will close every few minutes.
• Simulcast – This term means that the Live Auction is also being offered simultaneously on an Online bidding Platform.
• Inspection – This term means that any potential Buyers may physically take a look at each asset prior to the Auction being completed, either a Live Auction or an Online-only Auction. All Buyers MUST do their own due diligence prior to bidding on any asset.