All terms
legal
Unconditional contract
A contract binding both parties immediately on signing — no conditions, no get-out. Standard for traditional auctions.
In simple terms
A done deal the moment the gavel falls. No safety net.
Example
Win a lot at a traditional auction, sign the memorandum — exchange is instant, completion is locked in for 28 days later.
If you're buying
Walking away costs your deposit and exposes you to the seller's damages claim. Due diligence comes first.
If you're selling
Highest certainty of completion. Why traditional auction is the gold standard for fast sales.