Completion
It's moving day! On completion day, the buyer's conveyancer will transfer the remainder of the money required to complete the sale of the property. The seller must vacate the property and the new buyer gets the keys and moves in.
Exchange
This is when the contracts are exchanged and the sale becomes legally binding.
Fall through
This is when the sale can no longer happen. Sales fall through for different reasons: your buyer may withdraw before exchange, or someone up or down your property chain no longer can or wants to go ahead with the purchase/sale of a property, which can have a direct effect on your sale.
iBuyer
An iBuyer is a company that uses technology to make an offer on a property instantly. The advantage for the customer is a fast, secure sale with no need to list the property, arrange viewings or pay estate agency fees.
Memorandum of sale
A memorandum of sale is drawn up by the estate agent once an offer has been accepted to confirm the essential details of the property transaction including:
- The seller’s and buyer's details
- Conveyancers’ details for both parties
- Information about the property, including whether it is freehold or leasehold – if leasehold, it should contain details about the lease
- The agreed price
- Details of any property chain the buyer or seller are involved in (if applicable)
- The buyer’s financial arrangements and mortgage lender (if applicable)
- Details of the proposed timescale for exchange of contracts and completion of the sale
The document will be sent to the buyer, the seller and both conveyancers.
Property Buying Partner
We have partnered with companies who can make a cash offer on your property, buying it outright. We have been to great lengths to ensure we only partner with the best companies, protecting the sale of your property.
Property chain
A property chain is created when buyers and sellers are linked together because the sales and purchases are dependent on one another. Property chains can break when one of the sales in the chain falls through.
Provisional Offer Range
A Provisional Offer Range is a price bracket which gives you an indication of the offer our Property Buying Partner will give you. The Provisional Offer Range is not the offer itself, as our Property Buying Partner, alongside your estate agent, will gather further information on your property to give you a final offer. If you are happy with the Provisional Offer Range sent to you, your estate agent will ask you if you would like to proceed with receiving a final offer.
