Telegraphic transfer (bacs)

The transfer of funds via a bank by means of a telegraphic or electronic transfer .

It would not be practical for large sums of cash to be held and carried around during property transactions so practitioners and banks have come to rely upon telegraphic or electronic transfers of money.   This is obviously not only more secure, but has the effect of enabling the legal representatives to be able to deal with 'cleared funds' which may be be needed the same day for another transaction if there is a chain of buyers and sellers and properties involved.

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