I'm not sure how to form my question. So I'll put it simple. One of my favourite players, Grzegorz Rasiak didn't have a club lately (We are talking about reality here) and tomorrow he's supposed to be announced to join Jagiellonia Bialystok, polish club. I'm only curious if in FM 2012 he'll be a player without club or will he play for Jagiellonia? Thanks in advance.
I think danielgear is right. If the game hasn't gone gold and the transfer goes through before it does then he'll be at his new club when the game is released. If the transfer isnt completed before the game goes gold then he'll be a free transfer in the game. You wont need to wait for a patch though because the game will come with a pre-game editor so you can put the transfer in yourself if SI havent done it.
The demo is announced once the game goes gold, no demo announcement means its not locked yet. It will be there in the begining.
Database lock and code lock aren't the same thing. You want a "locked" (barring major fixes like a double player or player at the wrong one of two similarly named clubs) database first so any obvious mistakes can be spotted and corrected.