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legal
Memorandum of sale
The document issued after the hammer falls — confirms hammer price, buyer details, seller details and key dates. It's signed at the auction and triggers the 28-day completion clock.
In simple terms
The bit of paper that turns a winning bid into a binding sale.
Example
Sign the memorandum on the day, exchange contracts immediately, then both parties' solicitors race to a 28-day completion.
If you're buying
Bring two forms of ID and your solicitor's details to the auction so the memorandum can be signed on the spot.
If you're selling
Once signed, withdrawing exposes you to the buyer's legal costs and possibly damages.
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