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completion


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The conveyance of land in fulfilment of a contract of sale. The purchaser will have obtained an equitable interest in the land at the date of the exchange of contracts but will not become the full legal owner until completion. If the seller refuses to complete, the court may grant a decree of specific performance. The date on which completion must take place is stated in the contract of sale.

Subjects: Law — Financial Institutions and Services.


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