Yes, this means that, should you be successful at auction, the contract will not be subject to any conditions. This means you will be obligated to turn up on the scheduled date of settlement and complete the contract by handing over the full amount of monies due under the contract. Prior to bidding at auction you must make sure you cover any concerns and be satisfied with the property (ie be satisfied with the searches and building inspection report) and your personal circumstances (ie the bank is going to lend you the required funds). The consequences are severe if you do not meet your obligations including losing your deposit, being sued for losses suffered by the seller and any difference in purchase price should they sell the property for less then what they sold it to you for.