The balance due at completion should be checked against a transaction-specific calculation, not inferred from the purchase price alone. The formal agreement specifies the purchase price and manner of payment, while property outgoings are apportioned between the vendor and purchaser. Because the cited guidance provides no universal completion amount or standard formula, the exact figure must be confirmed from the transaction documents.
How to check the balance
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Confirm the purchase price. Read the exact amount stated in the formal agreement for the sale and purchase.
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Check the manner of payment. Review how the agreement states that payment is to be made, rather than assuming a payment method.
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Review the treatment of property outgoings. Check the transaction documents to see how amounts apportioned between the vendor and purchaser are reflected in the calculation, if they affect it.
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Examine the completion calculation. The amount presented as due at completion should have a clear derivation. Each component should be identifiable and traceable to the agreement or other transaction documents.
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Resolve unexplained differences. If the total does not follow the stated figures, or an apportioned amount is not explained, the reader should request clarification before treating the balance as confirmed.
What the cited guidance establishes
The Estate Agents Authority states that the formal agreement specifies the price and manner of payment. It also states that property outgoings are apportioned between the vendor and purchaser.
Those points provide a starting point for checking the transaction, but they do not establish the balance due in every sale.
What the reader must still confirm
The cited guidance does not provide:
- A universal amount due at completion
- A standard balance-due formula
- A transaction-specific breakdown of outgoings
- An explanation of how each outgoing affects an individual completion balance
The reader must therefore confirm the exact amount presented as due, the allocation of any relevant outgoings, and the calculation supporting that amount. Any figure that cannot be traced to the transaction documents remains unverified.