A Solicitor TT payment typically refers to a Telegraphic Transfer (TT) made by or to a solicitor, often in the context of legal or property transactions.
Breaking it down:
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Solicitor: A legal professional, especially in the UK and other common law countries, who handles legal matters like conveyancing (property transfers), wills, and contracts.
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TT (Telegraphic Transfer): An electronic method of transferring funds, commonly used for high-value transactions like property purchases. In modern terms, this is often done via SWIFT for international payments or through CHAPS/BACS/Faster Payments for domestic UK payments.
In context:
A Solicitor TT payment might occur in scenarios such as:
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Property purchase: A buyer’s solicitor transfers the purchase funds to the seller’s solicitor via TT.
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Settlement of legal fees: A client pays their solicitor by TT.
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Trust or probate disbursements: A solicitor transfers inheritance or trust funds.
Key Points:
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It is a secure, bank-to-bank transfer method.
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Often used for large or time-sensitive transactions.
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Carries fees, especially for international transfers.
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