The completion process when buying or selling a property

Once you have selected your solicitor or conveyancer, they will the guide you through the process of contracts. They will make contact with your buyer through their solicitor or conyancer to get the ball rolling for you.

The first port of call is to come up with a draft contract. The agreed price is written down and any discounts are requested due to any arising issues from the process.

This contract is only a draft initially, and will flow backwards and forwards as your solicitor adds in clauses and other negotiations on your behalf. Once both parties are happy with the contract, you will then move onto the exchanging of the contracts.

Another term that must be agreed on is the time scale between the exchange date of contracts and the date of completion. This is usually settled between 7 – 28 days from the exchange date however this can be done on the same day.

Exchanging the contracts involves both parties signing a copy of the contract and sending it to each other. Once this is done, the sale of the property is a legally binding contract and if a deal falls through, compensation is often required from the responsible party. Any point leading up to the exchange of contracts, a party is entitled to pull out from the sale if required.

After the agreed time period in the contract, the completion day will arrive. Several things will occur on this day;

  • The transfer of the agreed sum of money from the buyer to the seller occurs
  • The legal documentation indicating transfer of ownership is handed over to the relevant parties
  • The seller must vacate the property and leave it in the agreed state written out in the contract
  • The buyer will receive the keys to the property

After that, the sale of the property is complete! If you would like any help at all, with any stage of the selling your home, contact Home Estate today! We have a specialist knowledge of selling houses in the Medway Towns and Kent and would be more than happy to offer you some friendly advice, competitive rates and a professional service.

Contact us today on:

01634 580157 or enquiries@homeestate.co.uk