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Completion Date

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.

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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.