Livestock Marketers of Saskatchewan

President:
Alan Jackson
JGL Livestock
alanjackson@jglcattle.com

Vice President:
Tyler Cronkhite
Cowtown Livestock Exchange
cowtown.ls@sasktel.net

Past President:
Stewart Stone
Heartland Livestock Sales
stewart.stone@hls.ca

Directors:

Blair Brooks
Meadow Lake Stockyards Ltd.
mlstockyards@sasktel.net

Scott Johnstone
Johnstone Auction Mart Ltd. scott@johnstoneauction.ca    

Roy Rutledge
Weyburn Livestock Auction
sdeg@weyburnlivestock.com

Pat Tellier
Saskatoon Livestock Sales Ltd.
ptellier@nbinc.com

John Williamson
Mankota Stockmen’s Weigh Co. Ltd.
mankotastockmens@sasktel.net

Executive Director:
Adele Buettner
AgriBiz Communications Corp.
office@agribiz.ca


Livestock Marketers of Saskatchewan
"Promoting competitive bidding in the marketing of livestock"


Glossary
  • Absentee Bidder - A bidder at a sale who did not attend the auction event in person, but submitted their bid in written or oral form prior to the sale. The rules and procedures for absentee bids are unique to each auction sales business.
  • Acquisition - The process of taking title to or ownership of something.
  • Acquisition Cost - The cost to the purchaser of obtaining title to anything, including real property. Acquisition cost includes the cost of the transaction of obtaining title, including legal fees and expenses, interest charges on mortgages, land transfer tax, etc.
  • Addendum - An addition to a document that forms part of it. Similar to a Schedule to an Agreement of Purchase and Sale. May be used to add specific and detailed information material to the contract or upon which contractual terms are based.
  • Advanced Bid - Also called a Sealed Bid. A way of bidding without attending the sale. Bids are entered by the auctioneer or the assistant on behalf of the prospective buyer. A maximum bid from the buyer is established before the sale.
  • Affidavit - A sworn statement setting out facts which the affiant states are true. Sworn before a Commissioner for swearing Oaths, Notary Public or other public official.
  • Affidavit of Title - A Vendor's statement to the effect that title is good and marketable and subject to no defects other than those set out in the Agreement of Purchase and Sale or the Vendor's Deed.
  • Agency - The relationship between an agent, also known as a broker, and the real estate owner.
  • Agent - A person authorized by the owner to conduct business transactions with potential purchasers.
  • Agreement of Purchase and Sale - The written contract between the purchaser and the vendor for the sale of property.
  • Amortize - The settlement of debt by making partial, regular payments.
  • Appraisal Report - A written document containing an estimate of value as of a specified date with supporting analysis and material data.
  • AS IS - Implied in most Agreements of Purchase and Sale, suggests the Purchaser is accepting the property in its current condition and releases the Vendor from any liability for problems found before or after closing.
  • Asking Price - The price at which the Vendor advertises a property. When used in the advertisement, may suggest flexibility on the part of the Vendor regarding the price.
  • Auction - A sale held to sell goods or property to the highest bidder.
  • Auctioneer - A licensed or bonded person employed by the seller of the goods or properties to conduct the auction.
  • Auction Clerk - A person who records the amounts of final bids for merchandise or property at an auction sale, and receives money from final bidders at auction.
  • Auction Listing Agreement - A contract executed by the auctioneer and the seller, which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party.
  • Auction Marketing - The method of marketing real property utilizing the auction method of sale.
  • Bank Letter of Credit - A letter that is issued by a bank, which guarantees that the holder is eligible for a specified amount of credit.
  • Bankruptcy - The state of being unable to pay your debts such that you submit yourself to the protection of the state. A person or business may voluntarily assign himself into bankruptcy or may be petitioned into bankruptcy by his creditors. Once in bankruptcy, the person surrenders his assets to a trustee in bankruptcy who sells the assets for the benefit of the bankrupt's creditors, first secured creditors then unsecured creditors.
  • Bid - A prospective buyer's indication or offer of a price he or she will pay to purchase the property or item at an auction. Bids are usually in standardized increments established by an auctioneer.
  • Bidder Number - A number assigned to each person who registers at an auction.
  • Bidder's Package - A publication advertising and describing the property(s) for sale at public auction, often including photographs, property descriptions, and the terms and conditions of the sale.
  • Bona Fide - Made in good faith, at fair market value, without deceit or fraud.
  • Breach of Contract - A failure to meet one's obligations, whether under a contract or otherwise. A breach of contract allows the innocent party to enforce the contract, rescind the contract or sue for damages
  • Broker - A person who arranges a deal for a fee or percentage - one who acts as an intermediary between parties to a transaction.
  • Brokerage - An agency or the act of bringing together parties to a agreement for a fee or percentage of the deal. Brokers are generally thought of as representatives of real estate owners who sell property; however, in recent years they have moved in into the field of site selection as real estate consultants representing buyers. It is a conflict of interest and unethical for a location/site selection consultant or real estate consultant to be in a situation where her or she benefits, or his or her employer benefits, from the sale of property while representing its buyer for a fee.
  • Buyer's Broker - A real estate broker who represents the buyer and, as the agent of the buyer, is normally paid for his/her services by the buyer.
  • Buyer's Premium - The percentage of the high bid, or a flat fee added to the high bid to determine the total contract price to be paid by the buyer.
  • Bylaws - Rules enacted by a governing body of general application.
  • Cancellation Clause - Provision in a contract that gives one or more parties the right to terminate the contract if a specific event occurs.
  • Catalog or Brochure - See Bidder's Package.
  • Caveat Emptor - A Latin term meaning "Let the Buyer beware". This means that the buyer takes the risk regarding the quality or condition of the property purchased unless it is protected by a warranty.
  • Certified Copy - A copy of a document which bears some form of declaration (usually by the holder of the original document) that it is a true copy of the original.
  • Claim - A right asserted against another party. One might register a claim on title to the property to which the claim applies, file a claim under an insurance policy or file a Statement of Claim in court to assert one's rights.
  • Code of Ethics - A set of rules governing the behavior of members of the organization that has established the Code. Lawyers and real estate brokers/agents both have their own Codes.
  • Collateral - Property (real or personal) which is pledged to secure a loan or mortgage. If the debt is not paid, the lender has the right to sell the collateral to recoup the outstanding principal and interest on the loan.
  • Commission - The remuneration paid to an agent or an auction company on the sale of property usually based on a percentage of the selling price.
  • Compound Interest - Interest paid on the principal loan as well as on all interest accrued against the principal.
  • Concessions - Sacrifices made by a party to convince another party to enter a contract.
  • Conditions - Clauses in the Agreement which must be fulfilled before the Agreement becomes firm and binding. If the condition is not fulfilled, the Agreement will usually become null and void and any deposit paid returned to the Purchaser.
  • Conditions of Sale - The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer's premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction.
  • Contract - A legally binding agreement (oral or written) between two or more persons regarding an exchange of some sort. A legally binding contract must include consideration passing between the parties, an intention on the part of all parties to be bound to the contract, a meeting of the minds of the parties as to the contents of the contract, and an element of clarity such that the terms of the contract may be interpreted, understood and enforced by a court.
  • Credit Limit - The maximum amount available to a person under a loan, credit card or other borrowing arrangement.
  • Credit Rating - Based on an analysis of a person's credit history, an evaluation of that person's ability to manage a new debt or debts overall.
  • Credit Risk - The potential for a borrower to fail to live up to her obligations under a loan arrangement.
  • Creditor - Any person to whom money is owed. May be secured (the debt has been registered against the property of the debtor) or unsecured.
  • Date of Completion (Closing Date) - The date in the agreement of purchase and sale when the purchaser delivers money and or other security in exchange for the vendor delivering a properly executed deed or transfer in a form acceptable for registration, keys, and vacant possession of the property (unless otherwise agreed).
  • Default - The unsuccessful fulfillment of one's debt or promises.
  • Deposit - Payment of money or other valuable consideration given by the purchaser as a pledge for good faith to fulfill the contract.
  • Down Payment - The amount of money the purchaser has to put towards the purchase price after satisfying all of the costs associated with purchasing the property (apart from mortgages arranged).
  • Dual Agency - The representation of opposing parties (buyers and sellers) at the same time.
  • Due Date - This refers to the date when mortgages must be either paid in full or another term negotiated through a renewal agreement.
  • Due Diligence - The process of gathering information about the condition and legal status of properties to be sold.
  • Equity - The owner's net value left after payment of all mortgages, liens, and claims.
  • Escrow - A financial deposit put down as a sign of faith until an agreement is fulfilled.
  • Estate Sale - The sale of property left by a person at his or her death.
  • Estimate - The probable value of an item.
  • Execute - To do or to complete.
  • Fall of the Hammer - An auction phrase often referred to when the auctioneer announces "SOLD". At the "Fall of the Hammer", the buyer and the seller is legally entered into an irrevocable contract.
  • Floor - The place where the auction sale occurs. Also a term used for the lowest price a seller is willing to part with his or her property.
  • Foreclosure - When an item or property which was used as collateral for a loan is sold to pay off the borrower's debt.
  • Hammer - Also referred to as the gavel. The Auctioneer will drop the hammer to signify the closing of the deal between the seller and the buyer.
  • Hammer Price - The price established by the last bidder and acknowledged by the auctioneer before dropping the hammer, fall of the hammer, or gavel.
  • Interim Financing - A loan made available to improve a property that is being financed some other way.
  • Lien - The claim held by the lender on the assets of a loan.
  • Liquidity - The value of assets if they were to be reverted to cash.
  • Listing Agreement - A written document where the property owner agrees to remunerate an agent (broker) for successfully marketing the owner's property.
  • Lot - An item or number of items sold at an auction at one time.
  • Mail and Telephone Bid - A maximum bid entered to the clerk or auctioneer by telephone or mail.
  • Market Price - The amount actually paid or to be paid for the sale of the property.
  • Market Value - The probable price a property should bring in a competitive and open market under conditions of a fair sale.
  • Minimum Bid - This is the lowest acceptable amount at which bidding must start.
  • Moratorium - A legal delay of payment on a note or mortgage.
  • Mortgage - A conveyance of a property right to a lender or creditor as security for payment of a debt.
  • Mortgage Banker - A lender who makes loan agreements, than sells the loans to third parties, but continues to handle the loans.
  • Mortgage Broker - Someone who manages financing opportunities for both the lender and the borrower.
  • Mortgagee - The person or company who receives the property interest as security for payment of the debt.
  • Mortgagor - The owner who gives the property interest to a lender or creditor as security for payment of the debt.
  • Opening Bid - The first offer made at an auction.
  • Null and Void - A phrase used in agreements to signify that certain actions constitute the agreement as having no validity or legal effect.
  • Preview or Viewing or Inspection - Specified date, time and place the property or item is available for prospective buyer viewing and evaluation.
  • Receiver - An agent hired to recover money or to liquidate assets on behalf of a principal, lawyer, sherriff, bailiff, financial institution or leasing company.
  • Refinance - Financial restructuring; such as paying off an existing loan with a new loan.
  • Reserve - The minimum price a seller will accept for the auctioned item. If no one bids that amount or more the item will not be sold.
  • Reserved Auction - An auction in which the seller reserves the right to establish a reserve price, to accept or decline any and all bids or to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer.
  • Right-of-Way - The right of one property owner to pass over the lands of another property owner which is established by an easement or a licence agreement.
  • Ringman - Those employed to assist the auctioneer in acknowledging bids on the auction floor. See Spotters.
  • Spotters - Persons employed by the auctioneer to help "spot" or "catch" bids. Also referred to as the ringman.
  • Term - This refers to the space of time mortgage funds are borrowed, on the expiry date the debt obligation is either paid in full or a new term negotiated.
  • 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 the same amount is bid at the same time by separate people. The auctioneer will either allow a raise of the bid or will reauction the item or property.
  • Time is of the Essence - A phrase used in an agreement of purchase and sale calling for punctual performance on stated dates with failure to comply resulting in a potential breach of contract unless otherwise agreed in writing.
  • Transfer - To convey property from one person to another person.
  • Trustee's Sale - A sale at auction on behalf of a trustee.
  • Unreserved Auction - A sale in which the item will be sold, no matter what price, to the highest bidder. Also called Absolute Auction.
  • Vendor - The person who is selling the property.
  • Waiver Form - A document used to waive conditions set out in an agreement of purchase and sale to create an unconditional legal binding agreement.
  • Witness - A person subscribing his or her name for the purpose of attesting to a document's authenticity and proving he or she saw the parties place their signatures on the document.
 
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