Which document is sent to the client by the buyers' solicitor showing the sale price, deductions (mortgage redemption, estate agent fees), and the net amount due?

Which document is sent to the client by the buyers' solicitor showing the sale price, deductions (mortgage redemption, estate agent fees), and the net amount due?

• A. Completion statement
• B. Closing statement
• C. Title report
• D. SDLT return

Answer: (A)

The completion statement is the final accounts document used at completion, detailing the sale price, deductions (such as mortgage redemption and estate agent fees), and the net amount payable to the seller. It ensures both sides know exactly how much is being paid and what the seller will receive from the transaction. The document is prepared to show the flow of funds: the buyer’s funds cover the price, the seller’s mortgage and any fees are deducted, and the net proceeds are calculated. Other documents have different roles—title reports relate to ownership and encumbrances, the SDLT return handles stamp duty, and a closing statement is not the standard UK term for this particular accounting at completion. Therefore, the document described is the completion statement.

The completion statement is the final accounts document used at completion, detailing the sale price, deductions (such as mortgage redemption and estate agent fees), and the net amount payable to the seller. It ensures both sides know exactly how much is being paid and what the seller will receive from the transaction. The document is prepared to show the flow of funds: the buyer’s funds cover the price, the seller’s mortgage and any fees are deducted, and the net proceeds are calculated. Other documents have different roles—title reports relate to ownership and encumbrances, the SDLT return handles stamp duty, and a closing statement is not the standard UK term for this particular accounting at completion. Therefore, the document described is the completion statement.