If you fail to exchange contracts on or before the 28 days from the end of the auction, the reservation fee shall be fully refunded to the buyer and you may be liable to pay a fee to the auctioneer for services rendered as part of selling your property. If the buyer fails to exchange on or before the expiry of 28 days from the end of the auction, they will forfeit the full amount of the holding deposit. You will be free to relist the property for sale online and sell the property to a third party.