Picking up the keys to your new house is an exciting time. The past few months of finding a property, signing contracts, and moving out of your new property have all led up to this moment of getting the keys to your future house. By now, you are likely wondering who will give you the keys to your new house. In this article, we will answer all of your questions related to completion and the final stage of getting the keys to your property.
Exchange contracts
The process of exchanging contracts is when you become legally committed to selling the property and they become legally committed to buying if from you, or vice versa. As a legal process, this means that if you pull out after this without due reason, the buyer’s deposit will be returned to them, and you may be sued. If you are selling a house, you will be responsible for looking after it until the sale is completed. This means that you should ensure you have buildings and contents insurance cover until then.
When will the owner move out?
The owner of the property can move out whenever they like, including on the day of completion. Most house owners will move out beforehand because it is less stressful. At the time of completion, the property must be in the condition agreed in the contract, including all of the fixtures and fittings. Nevertheless, either the estate agent of the buyer may come round between the selling moving out and completion to make sure that everything is in order.
What is completion?
Completion is the stage at which the property changes ownership, you accept payment, and hand over the keys. It usually takes place on a previously agreed date and most commonly at midday. On completion day, the money will be transferred and any deeds for the property will be transferred between each side’s solicitor or conveyancer. The solicitor or conveyancer will register transfer of ownership with the Land Registry.
Who will give me the keys to my new property?
The seller’s agent will have possession of the keys to your new property. The listing agent has the choice to give you the keys wherever they choose. If you have any difficulties getting a hold of the agent, we advise you to get your agent involved. So long as the transaction is a done deal, you have the right to get the keys as soon as possible.
We hope this article has answered all your questions about getting handed over the keys to your property. If you have any more queries about properties, then get in contact with us or head over our website. At FastCash4Houses, we hope to make the process of buying or selling your property simpler.
