255. Retentions from the purchase price.

Where a retention is to be deducted from the purchase price on completion, for example to cover the cost of outstanding works to be done by the seller, good practice dictates that express agreement should be reached as to whether interest is payable on the retained sum and to whom, and whether the buyer is to withhold the sum on completion or, for example, to pay the full purchase price to the seller's solicitor with the amount of the agreed retention being held by the seller's solicitor in a deposit account opened in the joint names of the seller