Exchange Of Contracts

In an auction the exchange of contacts take place on the fall of the gavel and the relevant terms of the contract such as address, purchase, vendor, price etc are recorded in the Memorandum of Sale. The successful bidder at the auction will be asked to sign the memorandum of sale in the auction room. The Auctioneer has the authority to sign the Memorandum on behalf of both buyer and seller. The purchase is not actually complete at this point, but there is a legal obligation for the purchaser to buy and the vendor to sell.

This 'Glossary of Terms' – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.

If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.

For more information on buying or selling at a property auction, have a read of our guide to buying at auction.