What happens on completion day

davidmcn

always_sunny wrote: »

Abroad you'd go to the notary (suppose solicitor does the same) and seller/buyer agree on the sale and exchange of keys.

And are buyers happy to hand over their money but not get vacant possession or keys in return? What are your remedies if your seller doesn't move out the following day (or whenever you were hoping they would)?

In the rest of the world offers are binding, etc so there's no risk of gazumping or gazundering. One day [hopefully] England will also catch up!

Gazumping/gazundering refers to people trying to renegotiate before there's a contract in place, we're talking about what the procedure is after a contract is concluded.

Freecall

always_sunny wrote: »

Abroad you'd go to the notary

Ah, abroad.

I have heard of that place before. Apparently it is where everything works so much better than here, taxes are lower, the sun always shines and nobody ever has any problems.

Unfortunately the OP is stuck with reality.

BJV

I have properties abroad and in the Uk. Have to say our system of buying / selling houses is a lot more difficult. Again most likely because we tend to move more. So much can change /alter there are so many people in chains it is amazing that anyone ever moves. Still I think that our procedures could be better. It is very easy to say not to get hopes up until x day or that day, or this has happened but it is quiet different when you are talking about peoples homes. There will be emotional as well as financial considerations which combined with financial makes it very hard.

eddddy

always_sunny wrote: »

Not at all, just no need to do it based on phone calls.
Abroad you'd go to the notary (suppose solicitor does the same) and seller/buyer agree on the sale and exchange of keys. It is very simple but then again there's no real concept of 'chain' or 'getting on the ladder'.

In the rest of the world offers are binding, etc so there's no risk of gazumping or gazundering. One day [hopefully] England will also catch up!

Having been involved in property sales/purchases in two other other EU countries, the process is very similar in concept to the UK process.

EU:
1) You sign a preliminary contract (in the notary's office) - that agrees the terms of the transaction (price, date of transfer etc). You pay a 10% deposit.

2) On the agreed date, you sign a final contract (in the notary's office) which cannot change any terms like the price. You pay the remaining 90% and the property is yours. If the buyer doesn't sign the final contract, they lose their 10% deposit.


UK:
1) You sign the contract (at home, if you want) - that agrees the terms of the transaction (price, date of transfer etc). You give a copy of the contract to the seller, and pay a 10% deposit.

2) On the agreed date, you (or your solicitor) pays the remaining 90% and the property is yours. (You don't have to sign anything else) If you don't pay the final 90%, you lose your deposit plus damages.



The real pain for 'foreigners' with the EU system is that 2 contracts must be signed physically in the notary's office. If you can't get to the notary's office, you have to set up a Power of Attorney for somebody else.

In the UK, you can do the whole process remotely.

PasturesNew

always_sunny wrote: »

Abroad you'd go to the notary (suppose solicitor does the same) and seller/buyer agree on the sale and exchange of keys.

Which is what happens in England.

In England you'd go to the solicitor and seller/buyer agree on the sale (exchange) and exchange of keys (completion).

Exchange: You exchange contracts which contain the date of handing over the keys/payment. This is a legally binding date.

Completion: The money is transferred from buyer to seller; the keys are handed over.

If you bought a house yesterday and the present owners weren't moving out until today, many will have arranged an all night wild drinking party last night - and you might find the police are still there taking statements. They'd not care, it wasn't their house since yesterday.