Completion Settlement Finances

SmashedAvacado

G_M wrote: »

I think I disagree with the consensus of advice above!

A price was agreed for the purchase of the property. The price to be paid on Completion was contractually agreed and took into account various factors such as any amount due for Fs & Fs, service charge over/under payments, and, in this case, rent from the tenant (sitting or otherwise).

The agreed amount was paid by the buyer and the property was handed over by the seller.

Contract satisfied.

That is why it's important before Completion to have such matters sorted out.


However I accept it is possible my interpretation is wrong, so when one of the 'resident' solicitors comes along I'm happy to be corrected.

you are right to the extent that the contract will cover what is to be paid by who
but that is not the issue here
The completion statement is not part of the contract
If this is wrong, then this does not change the amounts owning under the contract
just because completion has happened, it does not mean that the contract falls away

parkrunner

mrschaucer wrote: »

That's why we have contracts. That's why we employ solicitors. To avoid "mistakes" and to avoid arguments about morals.

Anybody can make mistakes though.

G_M

Eactly what 'Completion Statement' are we discussing?


The OP's solicitor will have sent him a CS, listing everything including his(the solicitor's) fees and showing what, probably the estate agents fees (which the solititor will pay out of the sale money) and hence what money will be passed to the seller (OP).


Clearly that has nothing to do with the buyer, or the contract between buyer/seller.


But the costs relevant to the sale would have been agreed between buyer/seller (via ther respective solicitors) and these surely do form part of the contract?