When selling through auction your timeframe is paramount. Generally, the reason you come to an auction in the first place is the motivation of speed, so a 28-day completion is a major influencer when choosing your method of sale.
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When that famous gavel falls, we know that the exchange of contracts has taken place. General auction contracts specify that completion will take place 28 days after. However, what many don’t realise, is that completion can be set at 42 days (6 weeks) from exchange or in fact, anywhere in between.
But why do we have the option?
The main reason for a slightly longer completion date is to take into account a lot that is being bought via a mortgage by the purchaser. This gives enough time for solicitors to accomplish what they need to with regards to paperwork. If all is ready to go before the 42 days then the completion date can be brought forward.
It’s important to know that completion dates can only be altered as long as all parties are notified and are in agreement.
Check out our other videos on selling with tenants in situ and repossession.
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