C
CHAIN
Where a property seller is also buying another property this is a chain of transactions
and some chains can have many links.
CHAPS TRANSFER
On the day of completion the balance of the purchase price is paid by transfer of
funds between solicitors' client accounts by electronic transfer. CHAPS means Clearing
Houses Automated Payment System.
CLEARED FUNDS
For example a cleared cheque, banker's draft, cash, on a CHAPS, telegraphic transfer
or BACS payment. The solicitor would require Cleared Funds in order to complete
any purchase or sale where there is negative equity.
COMMONS REGISTRATION SEARCH
A search at the local authority to check the property is not registered as common
land or part of a village green resulting in third party rights over the property
(e.g grazing) resulting in the enjoyment of the property being limited.
COMPLETION
The moment when the buyer becomes the new owner of the seller's house and the day
the seller must have left the property.
COMPLETION DATE
This is the day that ownership of the property passes from the seller to the buyer.
COMPLETION STATEMENT
A written calculation of all the receipts and payments due in respect of the transaction.
CONTAMINATED LAND
Land affected by contamination which could arise from a past use of a property (e.g.
oil refinery) or by things stored on the property in the past (e.g. petrol station).
CONTRACT
The form of legal agreement prepared in duplicate for signature by the seller and
buyer setting out all the legal rights and obligations agreed between them.
CONVEYANCE
A document transferring ownership of an unregistered property from one person to
another.
CONVEYANCING
The legal work needed to buy and sell properties.
CO-OWNERS
Where two or more people own jointly the property and all are legally entitled to
the property.
COVENANTS
Legal obligations contained in a Deed.