Sales Memorandum at Auction

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    Sales Memorandum at Auction

    Does a sales memorandum at Auction subject to standard Auction terms and Special Conditions amount to "exchange of contracts"

    If not what does please? Thanks

    #2
    yes I believe an auction contract is strictly speaking made once the hammer falls although in practice it occurs once the memorandum is signed by the buyer and exchanged with the auctioneer on behalf of the vendor and a contract deposit paid in accordance with the terms thereof. The buyer has then exchanged contracts in a binding fashion

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      #3
      The contract is made when the hammer falls. "A contract made in the course of a public auction" is one of the exceptions to the rule that a contract for the sale of land must be in writing. (Section 2(5)(b) Law of Property (Miscellaneous Provisions) Act 1989). A sales memorandum at an auction only records a contract which already exists. Whilst it is evidence of the contract it does not itself create the contract.

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