A completion statement refers to the statement prepared by the seller’s conveyancing solicitor indicating the amount of money required to complete the transaction and how the figure is arrived at. This article discusses about the checklist to be prepared when such completion statement is prepared.
This statement would have been requested by the buyer when he made a requisition on the title to the seller. It is provided only when the money to be paid on completion includes apportionments or other money in excess of the balance of purchase price. Two copies of such statements are provided and sent to the buyer to check and verify that the calculations are accurate.
The statement should show the total amount due on completion and how this sum is made up. It may also be necessary to deal with some or all of the following items:
a) The purchase price that gives credit for deposit money that is paid.
b) The apportionments of outgoings.
c) The money payable to chattels.
d) A license fee when the buyer is in occupation of the property.
In a residential conveyancing transaction only the balance of the purchase price shall be payable and a completion statement shall not be required.
Photo courtesy: Tim Green
