Auction property completion takes place following the exchange of contracts. Read our guide to learn about when and where it takes place.
Following the exchange of contracts which took place on auction day, completion will follow within 28 days (20 working days) in accordance with the Royal Institution of Chartered Surveyors (RICS) Common Auction Conditions.
This will usually take place at your solicitor’s office, or anywhere else you may reasonably request, between the hours of 9.30am and 5pm on a normal business day. In order for this to proceed the balance of the auction price must have been transferred to your solicitor’s client account.
Providing this has taken place, completion will follow and the auction process will have reached a successful conclusion. However, in the unlikely event that the buyer should fail for any reason to honour his or her legal obligation to complete the purchase, you will be entitled to seek damages for breach of contract.
Previous Article
Selling Your Commercial Property on the Auction Day
