# The buyer's premium and the real total

Lesson 2 of [Auction buying foundations](https://auctionfinder.fyi/academy/auction-buying-foundations.md), 14 minutes.

The buyer's premium is a fee that the buyer pays on top of the hammer price. It is usually a percent of the hammer price, and the house keeps it. The conditions of sale state it, and you agree to it when you register to bid. Plan on paying the rate in the terms. You choose the rate when you choose w…

The rest of this lesson is for learners enrolled in the course. [See how Auction buying foundations works](https://auctionfinder.fyi/academy/auction-buying-foundations.md).

Also on the [web page](https://auctionfinder.fyi/academy/auction-buying-foundations/the-buyers-premium-and-the-real-total).

> Beware of auction fraud and shill bidding: never wire money or pay by gift card to a seller you cannot verify, and walk away when a price is run up by a bidder who never buys.