Completion Flashcards
What is completion?
It involves the balance of the purchase price being paid to the seller, and the legal title being passed to the buyer.
How does completion normally take place?
Almost always happens by post, which is facilitated by the Law Society Code for Completion by Post.
How does the Law Society Code for Completion by Post work?
The seller’s solicitor provides various undertakings under the Code which the buyer’s solicitor can rely on to know that if the necessary money is sent, completion will take place.
Immediately following completion, the seller’ solicitor holds the transfer deed and other deeds and documents to the buyer’s solicitors order. This means that the buyer’s solicitor needs to direct what happens to them.
When does the seller’s solicitor undertake to send the transfer deed and other documents?
No later than the end of the wording day after completion.
