What guarantees or assurances does the cash buyer provide regarding the completion of the sale?

A cash buyer’s assurances about completion are only as reliable as the evidence behind them and the obligations recorded in the sale documents. Before relying on an assurance, ask the buyer to explain how the purchase will be funded, who is buying the property, which conditions remain outstanding and what is intended to happen if the agreed timetable changes.

Useful assurances to request include:

• Evidence of available funds: ask for appropriate proof that the buyer has access to sufficient funds for the agreed purchase price and transaction costs. Your conveyancer can advise whether the evidence is adequate and how it should be checked.
• A clearly documented offer: the written offer should identify the property, price, any proposed deductions, included items and any conditions attached to the purchase. Verbal statements are difficult to enforce or assess later.
• A named purchasing entity: establish whether you are contracting with an individual, a company or another legal entity. If a company is involved, your solicitor can carry out the relevant checks and confirm who has authority to sign.
• An agreed timetable: the paperwork should record the intended exchange and completion arrangements where these have been agreed. Treat a target date as a planning commitment rather than proof that completion is certain.
• Written confirmation of changes: if the buyer proposes a revised price, new condition or different completion date, obtain the change in writing and ask your conveyancer to assess its effect before agreeing.

Completion in England and Wales takes place when the purchase money has been transferred through the solicitors involved and the seller’s solicitor confirms that completion has occurred. Until then, an offer may not provide the same certainty as an exchanged contract. The legal effect and procedure can differ in Scotland and Northern Ireland, so local conveyancing advice is important if the property is outside England and Wales.

Several matters can still affect the proposed completion, even where the buyer describes the transaction as a cash purchase. These may include satisfactory identity and anti-money-laundering checks, confirmation of ownership, unresolved restrictions on the title, missing documents, issues affecting access or boundaries, and agreement over vacant possession. A cash purchase may remove the need for the buyer’s mortgage lender, but it does not remove the need to resolve legal defects or complete the required conveyancing work.

Your own solicitor should verify the buyer’s identity, review the contract and raise questions about any unusual conditions. Be particularly careful about provisions that allow the buyer to withdraw, reduce the price after inspection, assign the contract, or postpone completion without a clearly defined consequence. If the proposed agreement contains a deposit, retention, undertaking or compensation provision, ask your solicitor to explain exactly when it applies and whether it protects you in practice.

It is also sensible to clarify who pays each cost, what happens if the transaction does not complete, and whether any third party is involved in funding or purchasing the property. Do not hand over keys, sign documents you do not understand or treat the sale as final merely because a cash offer has been made. Keep copies of the offer, correspondence, contract and any proof of funds supplied.

The most meaningful assurance is therefore a transparent, documented process supported by independent conveyancing advice. A buyer who is unwilling to identify the contracting party, provide suitable funding information or explain the proposed contract gives you less basis for judging the likelihood of completion. Review the written terms carefully before accepting the offer, particularly if you are selling under pressure because of probate, divorce, arrears or a repossession threat.