How transactions work
An overview of how sales and lettings transactions are tracked in the platform.
How transactions work
Property Passport UK tracks the key milestones in both sale and letting transactions.
Sale milestones
1. Listed — property is on the market
2. Under offer — an offer has been accepted
3. Solicitors instructed — legal representatives are appointed on both sides
4. Searches complete — local authority and other searches returned
5. Enquiries resolved — all buyer's solicitor enquiries answered
6. Exchange — contracts exchanged; transaction is legally binding
7. Completion — keys handed over
Letting milestones
1. Listed — property available to let
2. Application received — tenant has applied
3. Referencing — tenant references are being checked
4. Tenancy agreed — terms agreed and tenancy signed
5. Keys handed over — tenancy begins
How milestones are updated
Milestones can be updated by the owner, agent, or conveyancer assigned to the transaction. Each update is logged in the property's history.