GLOSSARY OF TERMS IN EASY ENGLISH

COMPLETION DATE
Following the transfer of funds, the date the ownership of the property passes from the seller to the buyer.

CONTRACT
The agreement that sets out the main terms that have been agreed, e.g. price, address, names etc. Two copies are drawn up and each party signs one in readiness for the exchange of contract.

DEPOSIT
The part of the purchasers price (usually 10%) which the buyers pay on exchange of contracts.

EXCHANGE CONTRACTS
The swapping of signed contracts by the solicitors with the buyers deposit. After this the contract is binding.

INFORMATION PACK
This comprises of a property information form, a fixtures, fitting and contents form, a copy of the title deeds and the draft contract.

LAND REGISTRY
The Government Department that records who owns what land and under what conditions.

LOCAL AUTHORITY SEARCH
A list of questions specific to the property to reveal, for example, if there have been any planning applications on the property, if the road to the house is maintained by the council.

MORTGAGE REDEMPTION FIGURE
The amount required to repay the outstanding capital/interest of a mortgage.

PROPERTY INFORMATION FORM/FIXTURES, FITTINGS AND CONTENTS FORM
Standard forms about the property that the seller answers for their solicitor, e.g. what will be left behind, details of guarantees etc.

REQUISITION OF TITLE
An enquiry relating to completion arrangements.

STAMP DUTY
A tax paid by the buyer calculated on the whole of the value of the property
£60,000 to £250,000 @ 1%,
£250,001 to £500,000 @ 3%,
£500,001 and above @ 4%.

TITLE DEEDS
Legal documents proving ownership of land/buildings and the terms on which they are owned.

TRANSFER DOCUMENT DEED
The document that passes the ownership from the seller to the buyer.

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