House Sale Closing question ?

dak

When a house sale closes and the buyer has paid over the money to the Vendor solicitor how long would it normally take a solicitor to balance the books before the money is passed over to the seller ?

Is there a standard time frame for this ?

Dak

dudara

Moved to Accommodation & Property

dudara

killers1

dak wrote: »

When a house sale closes and the buyer has paid over the money to the Vendor solicitor how long would it normally take a solicitor to balance the books before the money is passed over to the seller ?

Is there a standard time frame for this ?

Dak

On the day of closing the vendors solicitor holds the funds until the purchasers solicitor authorises release of the monies. At the same time the vendors solicitor authorises the release of the keys. By right, there should be no reason for a delay in the vendors solicitor releasing the sale proceeds to the vendor.

camphor

killers1 wrote: »

On the day of closing the vendors solicitor holds the funds until the purchasers solicitor authorises release of the monies. At the same time the vendors solicitor authorises the release of the keys. By right, there should be no reason for a delay in the vendors solicitor releasing the sale proceeds to the vendor.

A lot depends on the undertakings the Vendors solicitor has given. He may have to get figures from banks and others such as management companies before he can balance the account.