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Formal loan offer

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  • 09-03-2011 11:57am
    #1
    Dubsey
    Registered Users Posts: 174 ✭✭


    Hi all,

    In the process of buying a house. We are at the stage now where the lender has issued us with the formal loan offer (which has to be renewed after one month) and our solicitors are raising pre-contract queries.

    The question is if we sign the formal loan offer - does this enter us into a binding legal agreement with the lender or is it on the condition that we sign the contract documents to buy the house?

    Also - is it normal to need a solicitor to witness the signing of the formal loan offer?

    Many thanks,

    D.


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    #2
    Dymo
    Registered Users Posts: 1,561 ✭✭✭Dymo


    Banks are operating differently now than they did a couple of years ago and they may have extra conditions thrown in. Not 100% sure but I think as far as you don't draw down any money you don't owe them anything.

    Its only an offer I don't know why they would need a solicitor to witness it, later on in the sale process you will need one. 1 month is a short term offer before people would be given 6 months.


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