Reservation Fee Paid!

Why it matters — and what it means for your sale...

You’ve done the work. The legal pack is complete, the viewings have taken place, and now a buyer has taken the most meaningful step so far — they’ve paid the reservation fee.

This is a major milestone in the modern method of auction. Here’s what it means for you, what’s happening behind the scenes, and what to expect next.

So, what is the reservation fee?

The reservation fee is a non-refundable payment made by the buyer to formally secure the property. It’s separate from the purchase price and typically covers the auctioneer’s costs and administrative fees.

This payment acts as a clear signal of intent. The buyer is serious, committed, and ready to move forward within the agreed time frame - usually 56 days from reservation to completion for modern method of auction, or a maximum of 90 days from reservation to completion for secure sale.

It also means that your property is now officially off the market, and you can move forward with confidence knowing the buyer has ‘skin in the game.’

What’s happening in the background?

Once the reservation fee is paid:

• Your agent and the auction provider log the payment

• The buyer receives confirmation and begins progressing with their solicitor

• Open Moove will update this and future milestones to ensure alignment

This payment gives you added certainty - something every seller wants - and drastically reduces the risk of your sale falling through.

What should you do next?

✅ Check in with your solicitor

They’ll want to know that the reservation fee has been paid so they can prepare to issue the draft contract and begin the next phase of conveyancing.

✅ Stay alert for the next milestone

Once the buyer signs the reservation form, both sides are working toward fixed deadlines. That’s when the transaction truly kicks into gear.

✅ Keep using Open Moove to track progress

You’ll see who’s doing what, when milestones are reached, and what needs to happen next. It’s your virtual sale companion from start to finish.