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How binding is a contract on a house sale?

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  • 01-11-2007 11:48am
    #1
    DamoKen
    Registered Users Posts: 1,269 ✭✭✭


    Hi, I'm interested in a house that I saw advertised recently in the Dublin area. Haven't viewed it yet so can't be sure it's for me. Thing is the owner has had a sale agreed on it for a number of months, it's back on the market because the owner has become understandably frustrated by the lack of movement on the buyers part.

    Now the buyer was given a deadline to have the contract signed and posted out this week. I spoke with the owner and they're giving it til Friday to arrive by post.

    So my question is this, well 2 questions really.

    If the contract does arrive by Friday, how binding is it? I would still really like to see the house, and if it's what I think it might be, I'd definitely make an offer.

    Also is there a standard period of time before monies and keys must be exchanged? Is it possible for the buyer to use this as a delaying tactic?

    Cheers


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    #2
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    A contract signed by both parties and exchanged is binding on both.

    A contract signed by only one party is not binding.

    There is no standard time, it can take days, weeks or months. But if the title is in order and the money is available there is no reason why it should go beyond 4 weeks or so.


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    #3
    DamoKen
    Registered Users Posts: 1,269 ✭✭✭DamoKen


    hi Conor, cheers for the reply. Is there no time limit built into the contract so? I'm thinking that the buyer is maybe having trouble shifting a house or something like that so might short on cash at the moment, hence wondered if they will sign the contract with a view toward giving themselves more breathing space without losing the house?
    Don't want to be sitting here for the next 2 months wondering are they going ahead or what?

    thanks


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    #4
    jubi lee
    Registered Users Posts: 292 ✭✭jubi lee


    the vendor can put a completion date for return of signed contracts from the purchaser. i think 4 weeks is the absolute minimum. but really it's useless cos all the vendor can do is walk away or wait if the purchasers don't return the contracts in that time.

    once the contracts are signed & 10% deposit paid, it should all move relatively quickly.

    so what could have happened is the buyers had their own house to sell, went sale agreed on the one you are interested in and they haven't signed the contracts. so I'd say you have a good chance of getting it...


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    #5
    DamoKen
    Registered Users Posts: 1,269 ✭✭✭DamoKen


    hi jubi lee, yeah I was thinking the same, as in the buyer is maybe having trouble shifting their own house and is trying to stall the deal.
    As far as I know yesterday was when the buyer was meant to have signed the contract, no word from the seller yet on whether or not they've recieved it. They said tomorrow is the latest they're giving it at which point the house is fair game, all I can do now I suppose is hope for the best! :)


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