Completion – the completion date is agreed on exchange of contracts and is the date when the buyer’s solicitors send the money required for completion to the seller’s solicitors and the transfer or conveyance is dated. It is the date everybody moves house. Each owner should be moved out of their existing property by 2pm on the completion date unless otherwise agreed. Keys are usually collected from the agents once the seller’s solicitors have received all money due.

Completion statement – a few days before the completion date the buyer will receive a completion statement showing the amount the buyer’s solicitor needs to complete the transaction. The completion statement will show the purchase price of the property, less any deposit paid on exchange of contracts, and the net mortgage advance. It will include all fees which the solicitor has to discharge at or after completion. The amount shown at the bottom of the completion statement is the sum required by the buyer’s solicitor from the buyer at least four days before the completion date.

Contract – this forms the basis of the deal between the seller and the buyer. The contract records the names of those involved, the price, any deposit, and details of the property. It also records any special arrangements as between the parties prior to exchange of contracts.

Deposit – this is the sum of money paid by the buyer on exchange of contracts. It is normally 10% of the purchase price, but may depend on how much the buyer is borrowing by way of mortgage.

Exchange of contracts – this is the point at which the seller and buyer, through their solicitors, become fully committed to the sale and purchase. At exchange a completion date is agreed, the deposit is paid and the terms of the sale are finalised. Sellers should be aware that the estate agents are usually then due their commission.

List of the fixtures and fittings – this lists what is being left or taken from the property.

Local search – this document provides the information the Local Authority has about the property including planning details and possible road closures. It does not include information about the properties or land adjacent to it – separate enquiries are necessary if you have any concerns about these.

Mortgage – it is by way of the mortgage deed that the Bank or Building Society lending money to the buyer for the purchase of the property obtains protection for the money lent. This means that the property cannot be sold, transferred, altered or prejudiced in any way without the lender’s consent. A book of conditions is supplied with the mortgage deed – this should be read very carefully by the borrower.

Mortgage offer – once the lender has completed its survey and enquiries about the property it will issue the buyer with a mortgage offer. This shows how much the lender is prepared to lend and on what terms. The buyer should read the offer document very carefully and ask his or her solicitor about any terms about which he or she is unsure.

Property Information Form – this form is either completed by or based on information give by the seller and is sent by the seller’s solicitor to the buyer’s solicitor. It should gives detail of the general use of the property, boundaries, guarantees, occupiers and other matters of that nature.

Solicitors’ account - a few days before the completion date the seller’s solicitor will send the seller an account showing the sale fees, the amount to pay off the mortgage (if any) and the amount required to settle the estate agent’s account. Any surplus on the sale will either be sent to the seller or applied to the related purchase (if any).

Transfer or conveyance – this document is signed by the seller and the buyer. It transfers ownership of the property to the buyer at completion.