What does “Completion” mean?
In conveyancing, completion refers to the time when all terms of the contract exchanged between the buyer and Seller are fulfilled. In a nutshell, this involves the balance of purchase monies (i.e. purchase price less deposit paid on exchange of contracts plus any apportionments of ground rent/service charges if leasehold property) being sent by telegraphic transfer to the Seller’s solicitors. The Seller’s solicitors acknowledge safe receipt of the payment, date the Transfer deed and send this together with the deeds (proof of ownership documents) through to the buyer’s solicitors. When money has changed hands, and on the assumption the seller has moved out, the buyer will then be able to pick up the keys and move into the property.