What is the typical method of paying the balance on completion under the standard conditions when there are no additional conditions?

What is the typical method of paying the balance on completion under the standard conditions when there are no additional conditions?

• A. Direct transfer from the buyer's solicitor's bank account
• B. Banker's draft
• C. Cash
• D. Cheque

Answer: (A)

Under the standard completion arrangements, the balance is paid by a direct electronic transfer from the buyer’s solicitor’s client account to the seller’s side. This method is preferred because it provides an immediate, traceable, and secure transfer of funds on the day of completion, avoiding delays and uncertainties associated with bank drafts, cheques, or cash. Bank drafts and cheques can take time to clear and may present risk of dishonour, while cash is impractical in modern property transactions. So the usual practice is to transfer funds electronically from the buyer’s solicitor to the seller’s side on completion.

Under the standard completion arrangements, the balance is paid by a direct electronic transfer from the buyer’s solicitor’s client account to the seller’s side. This method is preferred because it provides an immediate, traceable, and secure transfer of funds on the day of completion, avoiding delays and uncertainties associated with bank drafts, cheques, or cash. Bank drafts and cheques can take time to clear and may present risk of dishonour, while cash is impractical in modern property transactions. So the usual practice is to transfer funds electronically from the buyer’s solicitor to the seller’s side on completion.