House Purchase Offer Conditions

Summary

In a house purchase offer, conditions are specific requirements like financing approval, home inspection, and appraisal that must be met for the sale to proceed. Completion is the final stage where the legal transfer of property ownership occurs, involving payment of the remaining balance and transfer of the title deed. Possession refers to the date when the buyer can take physical occupancy of the property, usually following the completion date.

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What is completion in a an offer to purchase a house
Completion in an offer to purchase a house refers to the final stage where the legal transfer of property ownership occurs. On completion day, the buyer pays the remaining balance, and the seller transfers the title deed to the buyer, officially making them the new owner.
What is possession in an offer to purchase a house
In an offer to purchase a house, possession refers to the date when the buyer is entitled to take physical occupancy of the property. This is usually agreed upon in the contract and typically follows the completion date, once all legal and financial obligations are settled.