Solicitors Qualifying Examination (SQE) Practice Exa\

Upon completion of a property transaction, the correct procedure involves the buyer's solicitor authorizing the release of the deposit from a joint account. This joint account typically holds the deposit as security until the completion of the transaction. Once the transaction is completed, the deposit is applied toward the purchase price of the property, and the buyer's solicitor can release these funds according to the agreed terms of the sale.

The deposit serves important functions throughout the process, such as demonstrating the buyer's commitment to the purchase, but it is not simply returned to the buyer nor forfeited to the seller without just cause. Moreover, the deposit is not held indefinitely; it is released promptly after completion to facilitate the transaction. Thus, the best understanding of what happens to the deposit upon completion is the authorization of its release from the joint account by the buyer's solicitor.