Completion | The
point in time at which the sale is completed. The balance of
the purchase price is paid, and ownership passes to the purchaser.
|
Conveyance | Another
term for the contract documents that convey the ownership of
the house from vendor to purchaser. |
Exchange
of Contracts | The
point in time at which the obligation to sell or to purchase
becomes legally binding. Contracts are signed and exchanged,
and a deposit is paid. On exchange, a date is agreed for completion.
|
Fixtures
& Fittings
|
Those
items not of a personal nature that are currently in the property,
but whose sale is not included within the asking price. These
are items such as carpets and floor treatments, curtains,
blinds and other window treatments, and built-in electrical
appliances such as an oven or hob.
|
Searches
|
A
Local Authority Search is done to check that the property
is not adversely affected by any local authority plans or
proposals.
A Mining Search may also be carried out if there are
previous workings in the area.
A Land Registry Search checks ownership and also looks
for any outstanding legal charges, such as a mortgage or bank
loan, secured against the property being sold.
|
Subject
To Contract
|
Any
offer made for a property, whether orally or in writing, is
normally made "Subject To Contract", which
means that the offer is not binding until contracts have been
signed and exchanged.
|
Survey
|
An
examination of the property by an expert building surveyor.
A House Buyer's Report is a mini-survey, at lower cost,
suitable for the purchase of an apartment or a house of fairly
recent standard construction. A Full Structural Survey
is, as the name suggests, the full works and is necessary
for all older property.
|
Vendor
|
The
first party to the sale contract, and the owner of the property
that is being sold. |
Valuation | An
examination of the property by a valuer working for the mortgage
company, made before they agree to a mortgage advance. This
is often carried out by the surveyor who will also conduct the
survey. |
