In a typical private treaty sale, the buyer usually signs the Contract of Sale first to make a formal offer to the seller. This signed contract, along with the payment of a holding deposit, signals to the seller that you are making a serious commitment to purchase. Once the seller accepts your offer and signs the same document, the contracts are "exchanged," and the deal becomes legally binding for both parties. However, in an auction environment, both parties effectively sign on the spot immediately after the hammer falls to lock in the sale. It is vital to have us review the document before you put pen to paper, as your signature often triggers a legally binding commitment or a cooling-off period that can be expensive to withdraw from.
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