Completion Date

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