What is the purpose of a Completion Statement in relation to Bramble Cottage?

• A. It lists the seller's assets.
• B. It acts as an invoice for legal fees.
• C. It provides a full financial breakdown and requests the balance to be paid in good time so funds are cleared on completion.
• D. It confirms completion date.

Answer: (C)

A Completion Statement is a financial snapshot prepared by the solicitor for the closing of the sale. It pulls together all the money aspects of the transaction in one place: the purchase price, any adjustments (for prepayments like council tax or service charges), the amount needed to discharge any seller’s mortgage, and any other costs such as stamp duty land tax and disbursements. It also shows the net amount the buyer must transfer and confirms that those funds will clear in time for the completion date. The key purpose is to give a full financial breakdown and ensure the buyer provides the correct balance promptly so funds are cleared when completion happens. It’s not simply listing the seller’s assets, it isn’t just a bill for legal fees, and it doesn’t confirm the completion date.