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When do I have to pay for the property when buying at auction?
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You will make two payments. The first is the deposit which is usually 10% of the full price and is due at the end of the auction. You will also be asked to sign a contract and if you later withdraw from the purchase you will lose your deposit.
The second payment is the balance of the purchase price (90%). This is transferred to the seller at which point full ownership of the property passes to you. It is important to ensure that you have the funds in place to pay the balance as there are usually stiff financial penalties for late payment.
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