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Closing Date for House Still not Set

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  • 17-07-2012 4:34pm
    #1
    s1986coc
    Registered Users Posts: 12 ✭


    I recently signed contract for the purchase of a house and was lead to believe the the closing date would be this week now at the last minute the vendors have announced they are on hols till aug. Now I have EVERYTHING on my side done. They have not signed there side of the contract. What should i do hold out and wait for the closing date to be reconfirmed or what pull out?:mad:


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    #2
    Snakeblood
    Registered Users Posts: 4,466 ✭✭✭Snakeblood


    s1986coc wrote: »
    I recently signed contract for the purchase of a house and was lead to believe the the closing date would be this week now at the last minute the vendors have announced they are on hols till aug. Now I have EVERYTHING on my side done. They have not signed there side of the contract. What should i do hold out and wait for the closing date to be reconfirmed or what pull out?:mad:

    It really depends on how strongly you feel about it. If I really wanted the house I'd probably suck it up and wait. If I wanted the house but was prepared to walk away, I'd lower the offer, or make an additional demand. It's annoying and poor behaviour to go on holiday.


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    #3
    clarsax
    Registered Users Posts: 38 ✭clarsax


    s1986coc wrote: »
    I recently signed contract for the purchase of a house and was lead to believe the the closing date would be this week now at the last minute the vendors have announced they are on hols till aug. Now I have EVERYTHING on my side done. They have not signed there side of the contract. What should i do hold out and wait for the closing date to be reconfirmed or what pull out?:mad:

    Not sure if you have a choice but to wait?? You have signed a contract.... You'd need to check with solicitor but even if a closing date was specified in contract I think vendor still has 28 days after that to complete


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    #4
    s1986coc
    Registered Users Posts: 12 ✭s1986coc


    Thanks i really dont want to go back looking in the market and take all those steps again and am a FTB just had to rearrange my rental arrangements :) I think i will WAIT for now.....


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    #5
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    s1986coc wrote: »
    I recently signed contract for the purchase of a house and was lead to believe the the closing date would be this week now at the last minute the vendors have announced they are on hols till aug. Now I have EVERYTHING on my side done. They have not signed there side of the contract. What should i do hold out and wait for the closing date to be reconfirmed or what pull out?:mad:

    As the vendor has not yet signed the contracts they are still free to pull out of the deal if they wish. If you pull out then you'll lose you're contract deposit paid to date. I'd advise hold tight until Aug and try to have a closing date confirmed now for when they return.


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    #6
    Bigcheeze
    Closed Accounts Posts: 2,858 ✭✭✭Bigcheeze


    killers1 wrote: »
    As the vendor has not yet signed the contracts they are still free to pull out of the deal if they wish. If you pull out then you'll lose you're contract deposit paid to date. I'd advise hold tight until Aug and try to have a closing date confirmed now for when they return.

    Surely the deposit is refundable if the other side has not signed ? i.e. no contract exists until both parties have signed.

    I discussed this point with my solicitor and he said that there is a binding contract on exchange of contracts.


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    #7
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Bigcheeze wrote: »
    killers1 wrote: »
    As the vendor has not yet signed the contracts they are still free to pull out of the deal if they wish. If you pull out then you'll lose you're contract deposit paid to date. I'd advise hold tight until Aug and try to have a closing date confirmed now for when they return.

    Surely the deposit is refundable if the other side has not signed ? i.e. no contract exists until both parties have signed.

    I discussed this point with my solicitor and he said that there is a binding contract on exchange of contracts.

    That's true to a point but once the purchaser has signed the contracts they have committed to the purchase and can't walk away until vendors either pull out or give them the go ahead to pull out. Once the purchaser signs contracts they are at the mercy of the vendor because the vendor can exchange signed contracts whenever they want, thereby forcing purchaser to lose deposit if they walk away.


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    #8
    Bigcheeze
    Closed Accounts Posts: 2,858 ✭✭✭Bigcheeze


    killers1 wrote: »
    That's true to a point but once the purchaser has signed the contracts they have committed to the purchase and can't walk away until vendors either pull out or give them the go ahead to pull out. Once the purchaser signs contracts they are at the mercy of the vendor because the vendor can exchange signed contracts whenever they want, thereby forcing purchaser to lose deposit if they walk away.

    I don't think that is accurate. You're suggesting that once the purchaser signs, the vendor can take any length of time to sign the contracts. Also, even though the deposit has been "paid", in reality it is held in the buying solicitors client account and is not paid to the selling solicitor until contracts are exchanged.

    If what you are saying is correct, all contracts would be signed on the same day with all parties present in one of the solicitors offices.


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    #9
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Bigcheeze wrote: »
    killers1 wrote: »
    That's true to a point but once the purchaser has signed the contracts they have committed to the purchase and can't walk away until vendors either pull out or give them the go ahead to pull out. Once the purchaser signs contracts they are at the mercy of the vendor because the vendor can exchange signed contracts whenever they want, thereby forcing purchaser to lose deposit if they walk away.

    I don't think that is accurate. You're suggesting that once the purchaser signs, the vendor can take any length of time to sign the contracts. Also, even though the deposit has been "paid", in reality it is held in the buying solicitors client account and is not paid to the selling solicitor until contracts are exchanged.

    If what you are saying is correct, all contracts would be signed on the same day with all parties present in one of the solicitors offices.

    The contract deposit is made payable to the vendors solicitor and is furnished to the vendors solicitor with the purchasers signed contract, so is most definitely not held in the 'buying solicitors client account'. I don't mean to imply the time frame can be endless, the point I am making is the vendor holds all the cards, controls the pace and generally only exchange contracts very close to a closing date that has suited them. There is little the OP can do if the vendor is trying to add a few weeks to the process for whatever reason...


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    #10
    Gamrab1974
    Registered Users Posts: 15 ✭Gamrab1974


    Just to be clear, there is no binding contract until such time as signed contracts are signed by both sides, exchanged and a full deposit paid and accepted. The OP's solicitor would have made sure that the contracts were only to be binging on the OP on exchange.

    The OP is free to withdraw from the purchase at any time up to exchange of contracts and if they do withdraw, they are fully entitled to their full deposit, booking and contract, back.


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