when do i get the money from the sale of my house,is it when i sign the cotracts or on completion day?

Answer 1

On completion. The money is passed via something called CHAPS into your solicitors account, and as soon as he gets it, he'll put it into your designated bank account. You can save time (and get the money quicker!) by giving him in advance the bank details of the account you want the money to go into.

Hint: unless you need the money immediately, it's worth opening a high interest account beforehand (unless you already have one) Even if the money's only in there a week, you'll earn a respectable bit of interest. Check first in case there are penalties for early withdrawal though.

Answer 2

When the property completes the money goes to your solicitor and he will pass on to you. Watch the timings in the day as payments done after certain times might happen a day later. Check with your solicitor how they are going to transfer the funds as bacs take 3 days and chaps are same day but cost.

Answer 3

After both the buyer and seller sign, the loan funds for the buyer, yours pays off, and the Deed records. Then you will get your money. It usually happens within twenty four hours. When you sign you can leave the Escrow Officer instructions to deposit your proceeds into your checking account so you don't have to make the trip.

Answer 4

its on completion that the funds are given to your solicitor,until completion the house is not sold.

Answer 5

Only when you've handed over the keys.

Likewise, the buyer only pays when they get the keys.

That's why it's done through lawyers.

Answer 6

day of completion as the house is not sold till then.

Answer 7

Usually, it is on the day of closing or settlement.

Answer 8

Day of closing\
RE Agent,
Remax