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signing contracts from builder

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  • 14-07-2010 10:07am
    #1
    caramel08
    Registered Users Posts: 32 ✭


    Hi,
    I'm an FTB and my solicitor has just received the contracts from the builder's solicitor for me to sign. What time limit do I have to sign these? My bank are slow in getting the loan offer letter to me and just wondering if there would normally be an expiry date or can the builder just cancel the contract and put the house back up for sale? The bank are discovering new reasons everyday to stall the loan letter issue although they have given me approval in principle.

    I would be grateful for any advice!
    Thanks


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    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    in this climate you shouldnt really have made an offer without cast iron approval.

    however dont compound this by even thinking of signing a contract before you loan is in place. Just explain to the builder whats happening. whilst he will be a bit pissed the fact is in this market hes not going to risk losing a sale over it to put it back on the market


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    #3
    ricman
    Closed Accounts Posts: 1,559 ✭✭✭ricman


    IF you sign a contract without formal loan approval, you could end up getting taken to court by the builder ,if for some reason you dont buy the house.YOU should have a solicitor to take care of the whole house purchase/conveyancing.DO NOT pay a deposit without formal loan approval.


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