What must the buyer ensure regarding funds at completion?

• A. The seller's lawyer is in funds
• B. The buyer's funds are cleared by completion date
• C. The mortgage must be funded the day after completion
• D. Funds are approved by the lender after completion

Answer: (B)

At completion the buyer must have the purchase price available as cleared funds in the solicitor’s client account on the completion date. These cleared funds, including any mortgage advance and deposit, are what the seller’s solicitor will use to pay the seller and complete the transfer. If the funds aren’t cleared by the completion date, there’s nothing to pay the seller and completion can’t take place, risking breach of contract. Mortgage funds should be in place before completion, not after, and it isn’t the seller’s lawyer or post-completion lender approval that the buyer needs to ensure by completion.