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The video tutorial discusses the key elements and structure of freehold property transactions, dividing the process into three main stages: pre-contract, post-contract, and post-completion. Each stage corresponds to a milestone in the transaction: agreement on sale, exchange of contracts, and completion. During the pre-contract stage, which starts after finding a buyer and agreeing on a sale, conveyancing work is crucial to ensure no issues with the property before exchanging contracts. English law doesn't bind either party until contracts are exchanged, allowing time for due diligence.