Buying Commercial Property · glossary
The rest of the price once the deposit is paid: £3,600,000 at Beckside Works. It must reach the seller's solicitors' client account by 1 pm on the completion date. Money that arrives later counts as a day late for interest and for a notice to complete. Definition: Balance · Chapter 7 · Chapter 9
Explained in Chapter 7, The Sale Contract, of Buying Commercial Property.
The price is £4,000,000, “exclusive of VAT”. The deposit is £400,000, a tenth of the price. The rest, the balance, is £3,600,000, paid at completion on 17 June. Late payment carries interest at the Contract Rate, which is 4% a year above the Bank of England base rate.Read Chapter 7, The Sale Contract →
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the sum stated as the Balance in the Particulars;Read the definition in the document →
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