Following contract exchange (fall of the gavel at auctions), if either party pulls out and does not complete the conveyancing process, they are in breach of contract and the non-defaulting party can seek legal redress for any losses.
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.