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Buying process??

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  • 24-05-2011 3:53pm
    #1
    BillieB
    Registered Users Posts: 21 ✭


    I went sale agreed on a property about 2 weeks ago when should my Solicitor receive the contracts?? Even an estimate would do. I am just curious. The property was up for sale for about 8 months so I assumed the vendors solicitors would already have the deeds.


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


    how long is a piece of string ?

    seriously it will depend on lots of things. Not least if there is a chain. If they are buing somewhere else their solicitor wont be doing anything until it co ordinates nicely with his clients requirments.

    in general terms 6 - 8 weeks if everything is straight forward, but that rarely tends to be the case.


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    #3
    BillieB
    Registered Users Posts: 21 ✭BillieB


    Yeah I know. They are buying somewhere else but the EA told us they wont hold it up as they will rent for a while. Don't think they have sale agreed on a property yet!

    Im just impatient would love to know a closing date even so can give notice to our Landlord :eek:

    Its a waiting game really I suppose!!


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    #4
    pegasus425
    Registered Users Posts: 41 ✭pegasus425


    D3PO wrote: »
    how long is a piece of string ?

    Indeed. We are in the process of buying a property at the moment. Sale agreed on Feb 4th - and no sign of contracts yet!


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    #5
    Mr. Loverman
    Closed Accounts Posts: 4,001 ✭✭✭Mr. Loverman


    pegasus425 wrote: »
    Indeed. We are in the process of buying a property at the moment. Sale agreed on Feb 4th - and no sign of contracts yet!

    You should pull out of the sale. Prices have dropped since February. When they freak out renegotiate a new lower price.


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    #6
    pegasus425
    Registered Users Posts: 41 ✭pegasus425


    Mr. Loverman wrote: »
    You should pull out of the sale. Prices have dropped since February. When they freak out renegotiate a new lower price.

    Yes. Have already informed the EA and vendors solicitors of a reduced offer (due not just to time lapsed but other issues also). That is not what is holding up the contracts though. I think a fair price can be agreed. Hope it works out in the end. The house ticks all the boxes and have found little else of serious interest in the last year.

    But back to original thread topic - was just saying that any number of issues could prevent contracts arriving. We expected (and were assured initially) that contracts would be issued quickly.


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


    to go back to the OP's motives as to the query. Just becasue the contract is ready for signing OP doesnt mean you have to march in their the next day and sign.

    If I were you I would hand in notice when the contracts are ready and then sign the contracts close to your exit date from the rental accomadation. If the seller doesnt like you dragging your heels well thats just tough luck


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    #8
    homeOwner
    Closed Accounts Posts: 779 ✭✭✭homeOwner


    BillieB wrote: »
    I went sale agreed on a property about 2 weeks ago when should my Solicitor receive the contracts?? Even an estimate would do. I am just curious. The property was up for sale for about 8 months so I assumed the vendors solicitors would already have the deeds.

    AFAIK, if there is a mortgage on the property the bank will hold the deeds until the sale is completed and they get their money. The deeds then are transferred over to your bank (if you are getting a mortgage). 2 weeks should be more than enough to get contracts over to your solicitor.


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