254. Release of deposit.

Where a deposit1 is held by some person in the capacity of stakeholder, the buyer's solicitor should on completion provide the seller's solicitor with a written release addressed to the stakeholder, authorising payment of the deposit to the seller or as he directs. Where the deposit is being held by the seller's solicitor as stakeholder, a written release is often neither asked for nor provided, the release being given orally once completion has taken place2.

In the absence of a written release the stakeholder, on being satisfied that the conditions under which he holds the money have been fulfilled, may