A chain is formed when several property sales and purchases are inter-dependent. A chain can be complicated but a good estate agent will be able to help keep it moving.
The point at which the sale of the property is concluded and the buyer receives the keys.
A document which your solicitor or conveyancer will provide as a record of all the financial transactions and costs.
Conditions of Sale
The specific items in a sale contract that govern the rights of the buyer and the duties of the seller.
The legal document detailing the agreement of terms between the seller and buyer. When a sale is agreed, a draft contract is sent to the buyer by the seller’s legal representative and at exchange of contracts both parties are bound to a date on which to complete the sale.
Where two or more purchasers are given a draft contract and the first one to exchange contracts buys the property.
A representative, solicitor or licensed conveyancer, who deals with the legal aspects of buying or selling a property. The buyer and seller will each appoint their own conveyancer.
The legal process of transferring the ownership of a property.
Rules governing the property in its title deeds or lease.
Credit Search References
References requested for a tenant applying to take up rented accommodation. Many agents and individual landlords use external companies who will contact the applicant’s employer, landlord and check the tenant’s credit history, providing a report on their financial suitability to rent.