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The estate agent adds the property to their Place Bid account, including reserve price.
The vendor’s letter of engagement authorises the estate agent to sign contracts on their behalf if the reserve price is met.
The solicitor provides the legal pack or uploads it directly in their Place Bid Legal account.
Bidders digitally sign the terms of the auction which makes their bids legally binding.
If the reserve is met, once the auction closes, the estate agent digitally signs the contracts on behalf of the transacting parties.
The digitally signed contract becomes the original and is sent to both sides’ solicitors.
The agent takes their fee from the bidding deposit paid by the successful bidder.
Unsuccessful bidders are auto-refunded.