Legal Definitions - conditions of sale

Definition: Conditions of sale refer to the terms and rules that govern how auctions are conducted. These conditions are usually displayed in the auction room for everyone to see before the sale begins.

Example: Let's say you want to buy a painting at an auction. Before the auction starts, the auctioneer will display the conditions of sale, which might include rules about how to bid, how to pay, and what happens if you win the auction but don't pay for the item.

Another example: If you're selling something at an auction, the conditions of sale might include rules about how much commission the auction house will take, how long you have to deliver the item to the buyer, and what happens if the buyer returns the item.

These examples illustrate how conditions of sale are the rules that govern how auctions are conducted, and they help protect both buyers and sellers by making sure everyone knows what to expect.