In the conveyancing process, completion date is the day that the seller moves out and the new owner moves in.
Technically, this is the day that:
- the buyers solicitor sends the remaining funds to the seller’s solicitor.
- the seller’s solicitor sends the signed transfer deed and an undertaking to discharge any outstanding mortgage to the buyers solicitor
- the estate agent receives their commission from the seller’s solicitor
- the seller’s solicitor clears the outstanding mortgage if there is one
- the remainder of the sale proceeds are transferred to the seller, or up the chain if applicable
- a completion statement is sent to the buyer
- both the buyer and seller’s solicitor get paid
- the estate agent is told to release the keys