Completion

The seller cannot compel the purchaser to accept property substantially different from what was agreed upon in the sale, whether in quality, quantity, tenure, or otherwise. If the difference prejudices the buyer or seller and affects their rights, it does not prevent the buyer from repudiating the contract where compensation is unavailable or cannot be assessed.

If the buyer occupies the property before completion, they hold it as a licensee and caretaker, not a tenant. The buyer must pay interest on the monies at the prescribed rate, maintain the property, cover its expenses, and avoid actions violating planning laws.

The completion date is set in the memorandum, detailing the basic terms of the sale, including the price and parties involved. If no date is stated, completion occurs on the first working day four weeks after the contract date. Any ground rent due under a lease must be paid up to date, and rates should be discharged up to the completion date.

Incomes and outgoings of the property are to be apportioned. Completion is made through the solicitor’s client account check.

If the seller needs to discharge a mortgage, the purchaser is entitled to request a redemption statement and redeem it directly.

Where the buyer’s solicitor requires an undertaking relating to completion, these undertakings must be received at least three working days before completion. These terms can be waived by mutual agreement.

If value-added tax (VAT) is chargeable, the sellers are to provide a VAT invoice, and the purchaser must pay the VAT on completion or upon receipt of the VAT invoice, whichever is later. Interest accrues on VAT.

Sums payable for furnishings, fittings, and other chattels are considered part of the price payable on completion.

If completion hasn’t occurred by the fixed completion date, the stipulated interest rate or, if none is mentioned, 6% above the UK Clearing Bank of England rate is payable until the actual completion date. If the property has tenancies, the buyer pays interest at the same

If the buyer raises an objection or requisition regarding the title or the assurance the vendor is unable or unwilling to remove due to unreasonable expense or reasonable grounds, then the seller may cancel the contract by written notice. If this notice isn’t withdrawn within 10 working days after a written request to do so, the deposit is repaid without interest, and the buyer must return all papers in their possession.

Special conditions may specify time as the essence. In such cases, failure to complete on the due date is a fundamental breach of contract, allowing the innocent party not in default to terminate, claim damages, and/or retain the deposit (in the case of the buyer).

If the sale isn’t completed on the due date, either party may, through written notice, make time the essence. The party must be ready, willing, and able to complete or ready, willing, and able, except for the default of the other party.

On issuing such notice, the transaction must be completed within five working days. Failure to do so results in time becoming of the essence upon the notice’s expiration. If the buyer doesn’t complete within the specified terms, the seller may, without prejudice to any rights or remedies, retain the deposit, resell the property, and recover any unpaid deposit by legal action.

If the seller serves a notice to which the buyer doesn’t comply, the purchaser may enforce against the seller without further notice. Alternatively, the buyer may give notice to require the seller to repay any deposit and money paid. In this case, the buyer isn’t entitled to specific performance and must return all papers.

Specific conditions apply to auction sales. The auctioneer may refuse bids, with the highest bidder becoming the purchaser. The seller reserves the right to divide the property into lots, bid up to the reserve price, withdraw a sale, or property before completion without disclosing the reserve price.

Unless otherwise stated, the sale is subject to a reserved price. The seller is to provide searches at the auction’s time as mentioned above.

If the buyer requires a loan from a financial institution, they must state the required amount, lender identity, and expected offer advancement date in the memorandum. The buyer warrants that they have applied for the loan and provided sufficient information for processing. If no sum is stated, it’s deemed the buyer doesn’t require an advance, although they can inform the seller upon receiving favorable terms.

If by the expected date no offer for the required sum at the normal rate of interest and conditions is made, the buyer can inform the seller, and the contract may be rescinded by the specified date or within a further 10 working days before completion if no date is set.

If a dispute arises, and negotiation fails, the parties may refer to the Law Society of Northern Ireland dispute resolution service. If unresolved within the agreed period, either party may seek their remedies.

Chattels or movables in the sale are deemed unencumbered and free of third-party rights. Complaints about their condition must be made within 15 working days of completion, or they’re deemed accepted unless time is specified as essential.

The memorandum of sale outlines specific terms, including property details, burdens, title, price, and mortgage particulars.

Firms often include special terms modifying the general ones. These terms are negotiable between buyer and seller, with the initial draft usually biased in favor of the seller. Final terms and special conditions may be negotiated between parties.

General conditions may be appropriately amended throughout the transaction