Saxons Estate Agents Jargon Buster
What is a property chain
This is the sequence of buyers and sellers – most people who sell their property are also buying at the same time. Therefore there can be a chain of a number of sellers, which depend on each other for the sale and purchase of their new properties. For example, if one buyer or seller drops out, the chain may collapse, whereby the paperwork for the properties within the chain is delayed or cancelled.
What Does Property Chain Free Means?
This is when the owner of the property does not need to sell the property in order to buy another; therefore it is offered as chain free.
The date when the transaction (either the sale or purchase of a property) is completed, i.e. the date you become the owner.
What Does Completion Statement Means?
A statement from the solicitor detailing all financial transactions, including all costs.
What Does Conditions of Sale Means?
The terms by which the buyer and seller agree to sell/buy the property. The Law Society sets standard conditions. The lawyer sets special conditions.
What Does Contract mean?
The legally binding agreement specifying details of the house sale or house purchase. The contract legally commits both the buyer and the seller to the transaction. The house seller’s conveyancing lawyer draws up two copies of the same contract and each party signs their own copy. When both parties are ready to legally commit, the two contracts are exchanged.