Sequence of events. 14:57 May 1, 2012
UK terminology: Each party signs a copy of the contract. One signs that (s)he undertakes to sell the property and the other that (s)he undertakes to purchase. They then exchange contracts, i.e. the seller sends the purchaser his/her signed contract and vice versa. This legally commits both parties to the transaction. On the contracted completion date, assuming all goes to plan, a final sum of money is paid and the property is handed over and certain documents are provided, including a document called a transfer. Transfer of the property takes place when this transfer document has been lodged with the land registry, which is usually attended to by those acting for the purchaser or the purchaser him/herself. I hope this clarifies things, but if you could confirm where (i.e. in what country) this sale is taking place, it might help to pin down what the procedure is there and thus what the correct terminology might be. |