Signing contracts - Does 21 days actually mean 21 days?

seamus

OK, have a deposit down on an apartment. The terms of the deposit were that the contracts would be signed and returned (with the balance of the deposit) in 21 days. This would seem to just be a standard thing as opposed to something in law.

The mortgage people have been faffing around a bit, so I'm left on a very tight deadline to get final approval before the 21 days are up. My question is :- Do builders tend to pull the contracts after 21 days or do they usually flex a little if the situation is explained to them? I had thought that it was rigid, but then I found a price list for another complex that said the contracts were to signed within 21 days, and buyers who signed within 21 days would get a €1k voucher as goodwill. This implies to me that the builder will accept contracts signed after the 21 days.

Anyone have any experience on this, or does is really depend on the vendor?

Cheers.

BC

Yes the builders will accept contracts after 21 days. The 21 day deadline is usually linked with an incentive like the one you mentioned but i have never heard of a problem with contracts being a day or two late.

Incidently, you don't need mortgage approval before you sign the contracts. Obviously most people try to get it as once you sign you are liable for the money but its not required so if you know its definately on its way you could sign anyway. I had to do this due to a mess up with my broker.

seamus

Cheers, that puts my mind a little at ease. I'm going to hold out as long as possbile for the final approval, cos I'm 100% guaranteed that we can get the mortgage configured the way we need it for our situation. Long story

Noelie

If it's albany Homes your dealing with 21 days means 21 days, just from my experience.