Exchange of Contracts occurs on the fall of the hammer. At this point the Contract is legally bound between both you and the Seller which means both parties are contractually obligated to the transaction. If the property does not sell ‘in the room’ the Auctioneers can often attend to a post-Auction sale. Following exchange we will deal with requesting funds from you and your mortgage lender (if applicable) and ensure that we are in a position to complete for the completion date.