On the day of the auction, when bidding reaches the reserve price or above, the fall of the auctioneer's hammer creates a legally binding contract. The auctioneer's clerk will sign the Sale Memorandum on the seller's behalf and collect the deposit from the buyer. Once the deposit funds have been cleared, we deduct our sales commission and any outstanding expenses, and the balance is sent to the seller's solicitors together with a copy of the Sale Memorandum. The solicitors will then deal with the completion and handling of the balance of the purchase price.
Completion normally takes place 20 working days after the auction but this can be sooner or later depending on the seller's requirements.