Completion (Stage 5) Flashcards
Completion is when buyer’s solicitor sends the balance of the _______ ______ to the seller’s solicitor, and the seller moves ____ and the buyer moves __
purchase money, out, in
What are the three methods of completion?
- Post
- Person
- Agent
Can you complete over the phone?
No - you exchange over the phone but can’t complete this way
What does the Law Society Conveyancing Protocol provide as the default method of completion unless the parties agree otherwise?
Post
What are 4 main duties of the seller’s solicitor under the Law Society’s Code for Completion by post?
- Acts as agent for B’s solicitor
- Completes the transfer of documents
- Confirms to B’s solicitor via phone, fax, or email the time completion takes place
- Notifies key-holder to release keys to B
What is the buyer’s solicitor’s main duty under the Law Society’s Code for Completion by post?
Send completion money by bank transfer to seller’s solicitor (who must immediately confirm receipt once aware)
How quickly should seller’s solicitor confirm completion by phone, fax, or email?
As soon as possible
What is the latest time S’s solicitor may send written confirmation to B’s solicitor that completion has taken place?
End of working day following the day of completion
When does title pass to the buyer for registered land?
When the buyer becomes registered at HMLR
When does title pass to the buyer for unregistered land?
On completion
