Completion

The formal transfer of ownership or when property or land changes hands after signing a contract.

Completion will take place at a specific time and date.  It is at this stage that the formalities of transferring ownership from one party to another takes place and is usually conducted at a solicitor's offices by the legal representatives of the parties involved.  Amongst other things, the form of Transfer signed by the seller/s is handed over in exchange for confirmation/evidence that the purchase money has been transferred.

A completion statement will be sent out to the client just prior to completion showing how the money is accounted for and in the case of a purchase what other money is needed for completion.

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