When buying a property, buyers and sellers are sometimes overwhelmed with legal jargon. Words like exchange and completion are not necessary self-explanatory. But what exactly do these words mean?
These words represent a different stage in the process of buying and selling property. Whilst ‘exchange’ means the exchange of contracts, ‘completion’ means the conclusion of all obligations.
Essentially, law governs the sale and purchase of property in the UK. Rules differ from country to country. England, Scotland and Wales as well as Northern Ireland have variations in the rules of property purchase.
The exchange of contracts sets out the purchase and deposit price. It also sets out the obligations bestowed on both parties before completion. These contracts legally bind the purchaser and buyer. The deposit payment seals this part of the deal and is non-refundable, should the purchaser breach the contract requirement.
Completion signifies the conclusion of all obligations set out in the contracts. When the buyer and purchaser comply with the terms of exchange, they transfer funds to the relevant parties. Ownership will then be transferred to the buyer. This means that the previous owners will no longer have any entitlement to the property.
At DG Law we pride ourselves in offering a personable service and an approachable attitude with our clients. We’re here to assist you in understanding the legal aspects of property purchase. Also, we’re always happy to explain the legal jargon. If you are thinking of buying or selling property, please give us a call for an informal discussion. SG
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