What is conveyancing?
Conveyancing is the transfer of the legal title of a property from seller to buyer. To keep it simple, there are 2 steps for how this happens. The first step is the exchange of contracts and the second step is the completion.
Exchange of contracts is the drafting of the legal contract by the seller’s solicitor for both the seller and buyer to sign. Until this contract is signed, either party can withdraw from the sale without any obligations.
Completion or completion date is the day the transaction completes and money exchanges hands. This is the day when the seller must have fully vacated the building and the keys are transferred to the buyer for them to begin moving in.