Completion refers to the final stage in a legal transaction, such as a contract or real estate transaction, where all necessary steps and requirements have been fulfilled, and the transaction is considered legally binding and finalised. In the context of a contract, completion occurs when both parties have performed their respective obligations, and the terms of the contract have been satisfied. For real estate transactions, completion typically involves the transfer of ownership from the seller to the buyer, along with the payment of the purchase price and any associated fees or taxes. Completion is a critical milestone in legal transactions, as it marks the point at which rights and responsibilities are transferred, and the parties become legally bound by the terms of their agreement.
A short legal summary of the concept of completion is that it refers to the point in time when a transaction or process is considered finished or finalised. It signifies the moment when all necessary steps, requirements, or conditions have been met, and the parties involved can no longer make any further changes or modifications. Completion is often used in the context of contracts, real estate transactions, mergers and acquisitions, and other legal matters where the parties must fulfil their obligations and reach a definitive conclusion.
This is the last stage in the purchase of a property. The legal documentation is finalised, and the lender has sent the mortgage funds to the purchaser’s solicitor.
Once the purchaser’s solicitor forwards the funds to the seller’s solicitor, the property is now owned by the purchaser.
Completion, in legal terms, refers to the finalisation or fulfilment of a legal transaction or agreement. It signifies the point at which all necessary actions, conditions, and obligations have been met, and the transaction is considered legally binding.
Examples of completion in legal matters include the closing of a real estate transaction, the signing of a contract, the execution of a will, the conclusion of a merger or acquisition, or the fulfilment of all requirements for a court case.
In a real estate transaction, completion involves the exchange of funds, transfer of ownership, and registration of the property. It typically includes the payment of the purchase price, signing of the necessary documents, and the transfer of keys.
Yes, completion can be delayed or extended if both parties agree to it. This can occur due to unforeseen circumstances, such as financing issues, title disputes, or other contingencies outlined in the agreement.
If completion is not achieved in a contract, it may result in a breach of contract. The non-defaulting party may be entitled to seek legal remedies, such as specific performance, damages, or termination of the contract.
No, completion and execution are different concepts in legal terms. Execution refers to the act of signing a legal document, while completion refers to the overall fulfilment of all obligations and conditions outlined in the agreement.
Failing to complete a court-ordered action can result in various consequences, including fines, penalties, contempt of court charges, or even imprisonment, depending on the nature of the action and the jurisdiction.
In certain circumstances, completion can be revoked or undone if there is evidence of fraud, misrepresentation, duress, or other legal grounds for rescission. However, such cases are typically complex and require legal intervention.
No, completion and satisfaction are distinct concepts in legal matters. Completion refers to the fulfilment of obligations, while satisfaction refers to the discharge or settlement of a debt or claim.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 10th April, 2024.
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