The mortgage definition for Completion date:
The point at which contracts have been exchanged and legal transfer of the property from the seller to the buyer is finalised. The buyer can take possession of the property from this day.
This is the date when the buyer's solicitor forwards the funds for the purchase of the house to the seller's solicitor. Once the seller's solicitor has received the funds, the buyer legally becomes the owner of the property and can move in. The mortgage must be effective before this date in order for the funds to be transferred. The buyer must also pay stamp duty, if applicable, and register their name with the Land Registry.
Completion statementCompletion statement
A statement, prepared by the seller, stating exactly how much the buyer should be paying on completion.
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