Which type of auction requires a written sales and purchase contract?

A real estate auction requires a written sales and purchase contract because it involves the transfer of ownership for real property, which is a significant legal transaction. In these auctions, bidders are buying not just items but actual real estate, which necessitates a formal contract that outlines the terms of the sale, including price, conditions, contingencies, and the responsibilities of both the buyer and the seller.

This step ensures that both parties are protected and have a clear understanding of their obligations. The real estate market is heavily regulated, and having a written contract helps facilitate legal compliance, reduce misunderstandings, and provide a record of the transaction.

In contrast, other types of auctions, such as personal property, online, or charity auctions, may not always require a formal written contract for each sale, as they typically deal with individual items or services rather than a significant, legally bound transfer of property.