Online properties for sale - glossary of terms - "C"
Use the index links below to find the term you wish to look up.
Completion Date
This is the date that ownership of the property passes from the seller to the buyer.
The seller and buyer should discuss dates between themselves and then notify their respective solicitors who will try to fit in with the suggested date.
If the buyer does not receive a search or mortgage offer in time, then the completion date may have to be revised. In view of this you should not make any firm arrangements i.e. giving notice on a job, arranging removals or making holiday bookings etc without first contacting your solicitor so that he can advise you further.
Only when contracts are exchanged and a completion date is fixed can you be virtually guaranteed that the completion date will be met. It is not essential for you to be present on the completion date but if you are going to be away, then you should let your solicitor know so that he can arrange for someone to act for you.
Contract
This is the agreement between the buyer and the seller. It sets out the terms of what has been agreed such as the property, the price and the names of the parties. It also deals with the procedure if something goes wrong. The seller's solicitor draws up two copies of the same contract, and each party signs their own copy. When both parties are ready to legally commit, the two contracts are exchanged.
