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What happens at the fall of the Gavel?

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What happens at the fall of the Gavel?

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If you are the last and highest bidder at the fall of the Auctioneer’s hammer, you are the successful purchaser and are legally committed to pay the price you bid and complete the purchase. No one can outbid you after the sale and the Vendor is equally legally bound to complete the sale under the terms and timescale stipulated in the contract.

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