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Special conditions about date and time for property sale completion

special-conditions-about-date-and-time-for-property-sale-completionConveyancing solicitors seek instructions from the client to know his wish for fixing the date of completion of the conveyancing transaction. But, such a date cannot be fixed until all other issues are sorted out; hence it is common for solicitors to leave a blank space in the contract where the date is to be entered. There are several factors like progress of related purchase transaction etc. that affect the timing of completion of a conveyancing transaction.

If there is no date set for completion of transaction, S.C 6.1.1 (or SCPC 8.1.1) states that the contract is to be completed within 20 days after the end of the date of contract.  These provisions also mention that the completion date is not important as long as a notice to complete the same has been served. In instances, where time is not important, completion of contract beyond the stipulated date does not automatically allow the party to reject the contract.  It is also possible to include the time factor in the contract by special condition; but this is often not desirable.

Neither the SC nor the SCPC discuss about the precise time or the day of completion by which the transaction should have taken place. However, SC does make a mention of payment of compensation if the completion is delayed. But a time limit is not set.

In the case of chain transactions, it is common for the seller to include a time limit (i.e. the payment should be made before 2.00 pm). This is to make sure that the seller has sufficient time to fund purchase of the new property. However, the buyer must make sure that he can comply with such conditions before committing on the date. This is because genuine delays in the banking system can take several hours to transfer funds electronically.

Photo courtesy: chrstphre

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