Completion Statement

The Completion Statement for the Buyer is a vital document that outlines the financial details related to the purchase of a property. It includes a breakdown of all costs associated with the transaction, ensuring transparency and clarity for both the buyer and seller.

Key Components of the Completion Statement

1. Property Details:

   • Type of property and address.
   • Seller and buyer names.
   • Contractual completion date.

2. Financial Breakdown:

   • Purchase Price: The total amount agreed upon for the property.
   • Stamp Duty Land Tax: A tax that may be applicable based on the purchase price.
   • Ground Rent Apportionment: Charges for the period from the completion date to the end of the ground rent period, calculated per day.
   • Search Fees: Costs for title searches, local authority searches, water authority searches, and drainage searches.
   • Survey Fees: Costs associated with property surveys.
   • Land Registration Fees: Fees for registering the property with the Land Registry.
   • Mortgage Arrangement Fees: Charges related to setting up a mortgage.
   • Indemnity Insurance: Insurance to cover potential issues with the property title.
   • Miscellaneous Charges: Any additional fees that may arise during the transaction.
   • Delayed Completion Fee: Charges incurred if the completion is delayed.
   • Deposit Paid: The amount already paid upon exchange of contracts.
   • Balance Due: The final amount that needs to be settled.

3. Payment Instructions:

   • Bank details for the electronic transfer of the balance owed, including account name, bank code, account number, and reference.

A Completion Statement is a crucial document in the property transaction process, particularly for buyers. It summarizes the financial aspects of the sale, detailing the final amounts due on completion day. This statement outlines the purchase price, deposits, and any adjustments for costs such as ground rent, service charges, and property taxes.

The Completion Statement is important because it serves as a clear financial record. It helps to prevent disputes by ensuring that both the buyer and seller mutually understand the funds involved. For purchasers, it offers clarity on how their money is distributed, encompassing any deductions or extra charges.

Moreover, the Completion Statement acts as a reference for future financial planning by providing insights into the total costs involved in acquiring the property. Before the transaction is concluded, it is crucial for buyers to scrutinize this document to ensure its correctness. Ultimately, the Completion Statement plays a crucial role in facilitating a smooth and successful property transfer while protecting the buyer’s interests throughout the process.

How to Use this Document?

1. Fill in the property type, property address, seller’s name, buyer’s name, and contractual completion date.

2. Enter the financial details and ensure all amounts are entered in the correct currency.

3. Provide payment instructions and ensure the account information is correct to avoid delays.