Glossary of Terms
Although conveyancing is an exciting time, it can also be a complicated process. You’ll find below explanations of many of the recurring terms used in conveyancing.
Additional Enquiries – questions the buyer’s lawyer sends to the seller’s lawyer to find out more information about the property.
Completion Date – the date on which the seller moves out and the buyers moves in.
Contract – the legal document signed by each party to commit them to the sale/purchase.
Conveyancing – the area of law relating to the preparation of documents for the transfer of property.
Deposit – usually 10% of the purchase price paid on exchange of contract by the buyer to the seller via their lawyers.
Exchange of contracts – lawyers for all parties exchange contracts which makes the sale/purchase legally binding on all parties and sets the completion date.
Title – the legal ownership of a property.
Title deeds – the documents proving legal ownership of a property.
Redemption statement – a statement balance from your lender (if you have a mortgage) to show how much is owing of the mortgage.
Replies to Additional Enquiries – replies provided by the seller to the additional enquiries asked by the buyer.