A Guide To Sale Completion Day: All You Need To Know
So, you’ve managed to sell your house, and completion day is fast approaching. It can be a long and laborious process, but completion day marks the light at the end of the tunnel, and quite often a new chapter in your life.
But what actually happens on completion day?
Below is our full guide to the day itself and all the details you need to know to ensure it runs smoothly.
What Is Sale Completion Day?
Sale completion day is the final step of a property sale and is the day in which the money is transferred between the buyer and the seller, with the buyer then being given the keys.
It’s an exciting time for both parties and can often be an exhausting day, with so much to think about.
What Happens on Completion Day?
A lot can happen on completion day so it’s important that you are prepared and know all the ins and outs of what will go on during this day.
Among the key things that will happen on completion day is:
- Before completion day arrives, the buyer’s solicitor will make sure that all the mortgage conditions outlined have been met and then request the money from your mortgage lender.
- On the seller’s side, their solicitor will request a Redemption Certificate. This is a document that will highlight the day of completion if there is a mortgage to sell.
- Both solicitors will then communicate to create completion statements, highlighting all the payments made and when they will be received.
- When it comes to completion day, solicitors from both parties will make final checks and the fee will be transferred to the seller.
- When the seller’s solicitor confirms they have received the funds, the keys will then be released to the buyer.
- Any charges and fees to parties will then be paid and the buyer will be able to move into their new property.
Top Tips For Completion Day
The best thing you can do for completion day is be prepared. You should consider:
- Plan Ahead: Ensure you are planning well ahead and pack all your possessions well in advance of completion day.
- Ensure you can be contacted: Make sure you have your phone at all times as you will be required at various points on completion day.
- Have the funds: Do make sure you have the money available for the purchase.
- Be organised: Make sure you keep all paperwork safe and backed up, as you never know when you may need it.
- Keep Timings: Make sure everyone has agreed to particular timings on completion day to ensure everything runs smoothly.
All Sales Are Different
Of course, it’s important to remember that all sales are different too. They are completely unique to each other and it very much depends on the buyer and seller. For instance one particular buyer may be looking to move into a home, whereas another may see it as an investment to let out eventually.
Cash buyers and those with a mortgage can also have very different completion days. For example, we’re cash buyers here at Fast Cash Property and handle all the solicitors fees and paperwork, to make steps within the moving process much simpler for you.
If you’d like to know more about how our buying process works, contact a member of our team today.