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On the fall of the gavel contracts are exchanged and the buyer must pay a 10% deposit (subject to a minimum of £3,000). Completion must occur in 28 days. The seller is legally bound to sell and the buyer is legally bound to buy.
On the fall of the gavel the buyer must place a £3000 non refundable deposit with The Agents Property Auction Limited, exchange of contracts must occur in 28 days and completion in a further 14 days.