After the earlier stages of the conveyancing process have been satisfied, Completion Day marks the point at which property ownership officially transfers from the seller to the buyer. While the specific administrative steps are handled by solicitors, the day generally follows this sequence:
- Financial Transfer: The buyer’s solicitor transfers the balance of the purchase funds to the seller’s solicitor.
- Confirmation of Receipt: Once the seller’s solicitor confirms receipt of the funds, they notify the buyer’s solicitor that the transaction is complete.
- Legal Completion: The solicitors finalise the necessary paperwork and confirm the legal transfer of the property.
- Key Release: After confirmation, the seller releases the keys to the property, allowing the buyer to take possession and move in.
Essentially, the process relies on the solicitors coordinating to ensure that money is moved securely and the property ownership is officially registered, allowing for the physical handover of the home. Have a look at our Conveyancing Guidelines for more information.
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