Can anyone tell me the usual procedures on the day of completion when selling your house?

Question

i'm set to complete this week but it's really stressful! I heard that you have to wait till you are called on the day for them to confirm the transaction has gone through etc. So you don't know for sure you'll moving to the last minute!! I find this very stressful and hard to plan for!

Has anyone got any tips or could tell him the usual things that happen on the day?

Answer 1

I assume contracts have already been exchanged; if this is the case it is most unlikely that completion won't take place as planned. On the day of completion your solicitors will receive the money from the solicitors acting for the people purchasing your house. The money is almost always sent by telegraphic transfer direct from the buyers' solicitors' bank to your solicitors' bank. It's very difficult to say how long it will take the money to arrive at your solicitors' bank because once the buyers' solicitors have instructed their bank to send it, they have no control over it and it could take a while for your solicitors' bank to receive it. It's very frustrating but there's no point hassling the solicitors because there's nothing they can do to speed up the transfer of the money. When they have received it your house belongs to the purchasers and your solicitors should phone the estate agents (assuming there are estate agents involved) and release the keys to the new owners. You need to be out of the house by that time because the house no longer belongs to you. If you are buying another house, your solicitors will send the purchase money to the bank of the solicitors acting for the people you're buying from. They can't do this until they've received the money from the sale of your house and your mortgage advance (if you're having a mortgage). When your sellers' solicitors' bank receive the money the keys to the house will be released to you and you can move in. As with the house you are selling, the people selling to you must be out by the time their solicitors receive your money because from that point on 'their' house will belong to you. The longer the chain, the more people will be involved and the more times the money will have to be sent on. This means the further you are up towards the top of the chain, the later in the day you will receive the keys to your house. Once again this is unfortunately one of those things and there's nothing you can do to speed it up.

If contracts haven't yet been exchanged, nothing is certain until that has happened. When I last moved, I had removals booked for the Friday but contracts weren't exchanged until 4.45pm on the Thursday, so it was a bit of a last minute thing. All you can do is plan as best you can; I had to keep my fingers crossed that it was all going to go through OK - if it hadn't I'd have been in a mess with the removals people. Happily, it worked out in the end, as almost all completions do.

Yes, it is stressful, but hopefully it will all go smoothly. Good luck!

Answer 2

you have a contractual criminal accountability reachable over the valuables interior an identical circumstance it became in whilst contracts have been agreed and exchanged. This refers back to the actual circumstance of the valuables, high quality of adornment, etc. It won't many times enlarge to the dimensions of the grass interior the backyard - in spite of the undeniable fact that it does enlarge to having an identical flowers interior an identical place. so which you're able to be able to desire to no longer dig up the backyard, yet failing to mow it somewhat is unlikly to be an argument. the only possible exception could be in case you had extremely nice lawns, extraordinarily in case you know that those have been appropriate to the customer's determination to purchase. yet consequently the lawns may be able to be stated interior the settlement alongside with what maintenacne is estimated of you. despite criminal accountability there could be, till the sale completes you are the owner and the customer has no precise to return to the valuables, mow the backyard, or do the rest.

Answer 3

As an agent, I can tell you that we would LOVE to be able to guarantee that your sale will go to completion. Unfortunately, we are not able to walk on water, or anything similar.

The worst scenario imaginable occurred in our offices last year. Everything was PERFECT about the pending closing, or so we thought. Everyone assembled at the appointed time in the conference room, EXCEPT for the buyers. They got cold feet at the very last minute and decided not to close.

Yes, they were in violation of their contractual agreement to purchase and yes, they lost their earnest money of a couple thousand dollars, but there is just no way an agent or lender can physically force someone to close.

The sad, but realistic, rule in real estate transactions is that they are not complete until the money changes hands. A buyer refusal to close lets you the option of taking them to court for legal redress, but such cases end up at the bottom of the priority list for court dates, and that does not help you at all on the day of closing.

Keep your fingers crossed and hope that all goes well. It does go well in the vast majority of situations, but there is always that exception.

Answer 4

Don't stress, if you have a closing date from the Title company that means that the buyer has been approved for the loan and that the title company is preparing the closing papers. Once the papers are completed you close, you sign and the title company records and you get your check after they pay what you owe.
Call the title company they will explain everything to you. Besides you are paying them a fee to make sure that you understand everything.

Answer 5

Your are given a time to come and collect your keys normally mid day. You do have to wait for the call to tell you its all been done and you can collect the keys but it will happen that day.

Answer 6

Speak to your solicitors and give them a date that is convenient for you, they will then go to the seller and advise them of this date for completion, if it is not suitable they will suggest one it usually works out for both. When I bought my flat we were asked which day we wanted to complete the sale on through both solicitors.

Answer 7

One thing you must NOT do is hand over your keys until your soliciter confirms that the money has come through!!!!