Buying through auction is momentous. Auction day is always full of excitement and anticipation and being the highest bidder on a lot can be extremely rewarding.
Firstly, depending on your bidding method, whether remote or in the room, the process of exchange is slightly different.
If you were bidding in the room and are the highest bidder on a property, you will be asked to sign the contracts. These will be sent to both your solicitor as well as the sellers’ solicitors.
After providing the auction company solicitors and personal details, you will be asked to pay the deposit and buyer’s premium (if any) on the specific lot. Remember, at this point you are legally bound as contracts have exchanged. The property is at your insurable risk from this point.
The completion date is then set, generally 28 days later. From this point on, both solicitors will liaise with one another to progress the sale all the way until completion.
If you were remote bidding by Connect Realtime®, by Proxy or telephone, the process is the same as above, except that the auctioneer will sign on your behalf.
You would have already signed, previously, to say that you are happy for us as the auctioneer to sign the memorandum of sale on your behalf to allow the exchange of contracts to take place.
An auction representative will be in touch once the auction has finished to take payment of the lot deposit and buyers’ premium, if any.