The date by which the sale scheduled to be finalised. There is usually a defined time period from the auction to the completion date. The purchase price is paid in full by the buyer’s conveyancer and received by the seller’s conveyancer. Completion can take place at the same time as the exchange of contracts but is usually 4 weeks later. The seller must move out of the property on this date and release the keys to the buyer, who may move into the property. Penalties will be applied if the sale is completed late which can include losing your deposit.