If you were lucky enough to be able to buy a house outright or have a large deposit, when you go to pay for the house, who do you actually write the cheque out to & more importantly what safe guards have you got that he/she/company does not just disappear. sorry for sounding stupid but never having done it etc etc
paying cash / large deposit for a house newbie question
Mar 26, 2007
10 Replies
You write it to your solicitor. Your solicitor then pays the seller's solicitor (or estate agent), who in turn will pay the seller.
I think the legal term is escrow?
Not really. The solicitor is your agent, not an independent fund holder.
In message , Tom Bradbury writes
No, thats an Americanism for a joint account between the parties to the transaction and/or a 'lawyer' or other third party, or to the order of the parties.
And if he disappears? It has been known.
Tiddy Ogg.
formatting link
the law society should recompense you as long as its a proper solicitor.
As others have said to the solicitor. Who might want a bankers draft not a cheque. You need to organise this in advance with your bank.
An ordinary cheque is fine. Time to clear will be required. They may well as a matter of course ask the right questions at the bank, i.e. "is it PAID" so that it cannot bounce. Well, so that if it's going to bounce, they will find out sooner, and it cannot bounce later.
thanks all, had a look at the law society website seems like a safeguard.
FWIW mine have specified a CHAPS payment.
Join the Discussion
Have something to add? Share your thoughts — no account required.
Didn't find your answer?
Ask the community — no account required