A contract incorporates the Standard Conditions of Sale Fifth edition - 2018 revision) and contains no additional special conditions. Contracts have been exchanged and the transaction is ready for completion. What method should be used to pay the balance of the purchase price to the seller's lawyer on completion?

• A. Direct transfer from the bank account of the buyer's lawyer
• B. Banker's draft
• C. Cash
• D. Cheque

Answer: (A)

On completion, the balance must be paid as cleared funds directly from the buyer’s solicitor to the seller’s solicitor. The Standard Conditions of Sale Fifth edition require the money to be paid by a direct bank transfer from the buyer’s solicitor’s client account to the seller’s solicitor’s client account on the day of completion. This method ensures the funds are cleared and traceable, so the seller can receive the money as the title deeds are exchanged and the transfer completes that day. Bank transfers (often CHAPS) are used to guarantee same‑day settlement. Other forms, such as banker's drafts, cheques, or cash, can fail to clear in time or pose practical issues, so they aren’t the preferred method in this standard form.