When buying a property at auction, the completion date is a crucial milestone. This is the day when ownership officially transfers from the seller to the buyer, and the remaining balance of the purchase price is paid.
What Is a Notice to Complete?
If the buyer fails to complete on or before the agreed completion date, the seller can issue a Notice to Complete. This formal notice typically gives the buyer 10 to 14 days to finalise the purchase.
What Happens If the Buyer Still Doesn’t Complete?
If the buyer does not meet the deadline in the Notice to Complete, the seller has the right to:
• Rescind the contract (cancel the sale).
• Keep the buyer’s deposit as compensation.
• Re-sell the property—potentially at a lower price.
• Seek further damages if the sale loss exceeds the deposit amount.
Key Takeaway
Failing to complete on time can have serious financial consequences for the buyer. If you’re purchasing at auction, ensure your funds and legal arrangements are in place to meet the completion deadline.
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