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TERMS AND CONDITIONS FOR PUBLIC AUCTION

TERMS AND CONDITIONS FOR PUBLIC AUCTION 2025

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The document outlines the terms and conditions for public auctions of county-owned real estate in Erie County, New York. It specifies that all sales require final approval from the Erie County Legislature, details the bidding process, deposit requirements, and responsibilities of bidders regarding payment and property transfer. Properties are sold 'AS IS' without warranties, and purchasers must cover associated taxes and fees. The document also includes a memorandum of sale for bidders to complete.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the dominant strategy in the first price auction?

In a sealed bid first price auction there is no dominant strategy: every agent will bid his value and the utility will be zero. In a sealed bid second price auction there exists a dominant strategy: every agent should bid his value.

What are the rules of auction?

The seller and auctioneer establish a starting bid, and participants raise their offers until no higher bid is made. The highest bidder wins the house and is required to complete the purchase according to auction terms.

Is the first price auction truthful?

In the first-price auction model (also known as an English auction) the bidders pay exactly what they bid. While this auction mechanism gives publishers the highest eCPMs for their inventory, it can lead to unnaturally high prices, as buyers are forced to guesstimate how much their competition bid.

How does a first price auction work?

In this type of auction, all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price that was submitted.

What are the rules for the first price auction?

What are the rules for first price auction? In a first price auction, each bidder submits a bid without knowing the others bids. The highest bid wins, and the winner pays the amount they bid. Bids are typically confidential, and theres usually only one round of bidding.

What is the 3-minute rule in auctions?

The 3 Minute Rule is an important auction mechanism designed to maintain fairness in auction bidding. When a bid is placed within the final three minutes of an auction, the closing time automatically extends by an additional three minutes.

What are the terms of modern auction?

With the modern method of auction, winning bidders pay a reservation fee of around 5% at the end of the auction. They then have 28 days to exchange contracts on the property, and a further 28 days to complete. The 5% reservation fee is on top of the purchase price, and is liable to Stamp Duty.

TERMS AND CONDITIONS FOR PUBLIC AUCTION 2025

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