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What does "transfer executed" mean?
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consnmattsmom
Posts: 308 Forumite
Our solicitors have an online service where we can track the stage our house purchase and sale is at. On our sale it says that transfer executed today, what does it mean?
Also they have sent our contracts to sellers sols today. We are hoping to complete 23rd May so hoping to exchange soon.
Also they have sent our contracts to sellers sols today. We are hoping to complete 23rd May so hoping to exchange soon.
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Comments
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Executed is another word for signed. So your transfer TR1 form was signed today. Congrats!0
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Oh dear - what is the point of solicitors advertising an online tracking system when it doesn't explain the significance of the stages to the client?
First thing OP should do is phone them up or e-mail them and ask what it means because frankly what is the point of this kind of information if there is no explanation with it?
On a sale the Transfer is the document that actually transfers the legal ownership to the buyer. The seller will have to sign it and in most cases the buyer will also have to do this. "Transfer executed" means somebody has signed it - presumably OP would know if he had done so, so I am guessing the buyer has signed his copy. (Very often it is prepared in two identical parts, one signed by the sellers and one by the buyers, and the two are stapled together and sent to the Land Registry for registration as one document.)
The fact that the buyer has signed the transfer is not particularly critical and is hardly a major critical path stage in the proceedings.
I'm not sure what OP means:they have sent our contracts to sellers sols today.
The seller's solicitor will send a draft contract to the buyer's solicitor at the beginning of the proceedings. If that is all the solcitors have just done then things do not look good for completion on 23rd May!
The Buyer' solicitor then makes any wording amendments he feels he wants and sends it back either approved or approved as amended. He usually keeps one copy with his amendments on and gets his buyer client to sign it. Sometimes the seller's solicitor sends a further copy incorporating the amendments for the buyer to sign - perhaps that is what has happened?
The only other time that the seller's solicitor would send a contract to the buyer's solicitor is to complete the exchange that was done by telephone. The telephone call incorporates undertakings to send the contract to the other solicitor. I'm sure that hasn't happened otherwise the online message would tell you that you have exchanged!
You end up feeling that this is simply a clever gizmo that adds no real benefit to the client - unless he already has some knowledge of the conveyancing system. I'd be interested to hear other people's experiences of these systems and the standard of information/explanation given.
I don;t use such a system myself, partially because of a concern that it would only be nay good if it gave useful information.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Richard, totally agree with you, all those in the business should learn how to speak plain English.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0
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Thank you for your replies. I agree it just lists all the stages and dont mean a thing. They said in the letter that because we can see online what is happening we shouldnt need to ring them.
We have now been adv that we should be able to exchange contracts by end of week as both sides have everything they need so fingers crossed.0
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