W5 Completion Flashcards
1
Q
Which one of the following is correct regarding the Law Society’s Code for Completion by Post (the ‘Code’)?
(a) The Code enables the buyer’s solicitors to act as agent for the seller’s solicitors.
(b) The Code contains professional undertakings.
(c) The Code cannot be used in commercial property purchase transactions.
(d) The Code is compulsory when completing by post.
A
Answer (b)
The Code is a voluntary procedure for postal completion.
The Code can be used for the completion of both residential and commercial property purchases.
The Code enables the seller’s solicitors to act as agent for the buyer’s solicitors. Completion occurs at the seller’s solicitor’s office as they hold the executed TR1 and receive the completion monies.
