TSPC Jargon Buster: Date of Entry
30 June 2023
In our Jargon Buster series, we break down the terminology of the property industry to help you feel confident and in control of your home-buying journey.
In this article, we’re discussing 'Date of Entry', and what it means when buying or selling a property in Scotland.
What is the Date of Entry?
The Date of Entry is the date on which the buyer of the property pays the purchase price to the seller and the seller gives the keys and legal ownership of the property to the buyer.
It is sometimes also referred to as the ‘settlement date’, ‘date of settlement’, ‘completion date’ or ‘date of completion’.
The Date of Entry is a key negotiating point when selling or buying a property as it is the date by which the seller has to move out and both parties will often want this date to correspond with the date when they move out of, or move into, another property.
It is very important that your funding is in place well in advance of the date of entry. Your solicitor will calculate the balance required for settlement, including any Land and Buildings Transaction Tax and fees due. You will be asked to transfer the funds to your solicitor, and they will liaise directly with your mortgage lender to arrange for the funds to be transferred in advance of the date of entry.
Even though missives are concluded, you can’t pick up the keys until the Date of Entry. Here are some key aspects of settlement that you need to consider:
If you are in a ‘chain’, the sale of your property will need to be settled first if you are then using the sale proceeds to purchase your new property.
A bank transfer is not immediate and will take time to show in your solicitor’s account. There is also likely to be a charge for the bank transfer.
Let your solicitor know if you intend 'porting' your mortgage (i.e. moving your existing mortgage over to your new home) as they will need to check details of this prior to the Date of Entry.
If your mortgage payment is due to be taken near the date of entry, you should allow payment to be taken – this will be refunded. If your mortgage payment isn’t due for a week or more, check with your solicitor if you are able to cancel your direct debit.
What should you look out for?
You should check that the property is in good order and if there are any discrepancies, you should advise your solicitor as soon as possible. You have five working days to report any issues to the seller.
Your solicitor will send you the title deeds document once it is available from Registers of Scotland (now referred to as the Title Sheet). As it is electronic, the buyer should keep the email and title sheet as it will be required when they come to sell the property.
Find out more
Contact a TSPC solicitor estate agent today to start your home buying journey.