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Real Estate and Financial Glossary & Definitinions

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After-Sales Service
The provision of back-up facilities by the developer or agent to the buyer after he has purchaseed the property. After-sales service includes the replacement of faulty parts and the repair and maintenance of the property on a regular basis. These services are often provided free of charge for a limited period of time and thereafter, for a modest fee.

Arbitration
A procedure for settling disputes, in which a neutral third party or arbitrator, after hearing presentations from all sides in dispute, issues an award binding upon each side.

Auction
A means of selling property to the highest bidder among a number of potential buyers. An open auction, increasing bid, competition in which the bids of all parties are observable and bidders drop out as the price increases until only the highest bidder remains.

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