Kenyan Real Estate Auction Glossary: 15 Terms You Must Know

Decoding the Auctioneer's Chant

Entering a public auction without knowing the terminology is a recipe for financial disaster. As of 2026, the Auctioneers Act has been strictly enforced to protect buyers.

• Reserve Price: The minimum price the seller (usually a bank) will accept.
• Fall of the Hammer: The moment a contract is legally binding.
• Proclamation: The formal notice that goods or property will be sold.
• Buyer’s Premium: Additional fees paid by the winner to the auctioneer.