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:
- Solicitor: A legal professional, especially in the UK and other common law countries, who handles legal matters like conveyancing (property transfers), wills, and contracts.
- 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:
- Property purchase: A buyer’s solicitor transfers the purchase funds to the seller’s solicitor via TT.
- Settlement of legal fees: A client pays their solicitor by TT.
- Trust or probate disbursements: A solicitor transfers inheritance or trust funds.
Key Points:
- It is a secure, bank-to-bank transfer method.
- Often used for large or time-sensitive transactions.
- Carries fees, especially for international transfers.