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Contract closing date exceeded

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  • 31-03-2017 12:15pm
    #1
    junior1281
    Registered Users Posts: 9 ✭


    Hi,

    Only looking for an advice on the following :

    We have signed the contract to buy a property... The vendor is already exceeding the closing date, which he outlined himself in the contract. Its being bought from a receiver. My question is :
    Can we seek for any compensation regarding this matter? We are normally far from things like this, however this crowd is completely unreliable.

    Thanks.


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    #2
    spaceHopper
    Registered Users Posts: 3,992 ✭✭✭spaceHopper


    What does your solicitor say.


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    #3
    junior1281
    Registered Users Posts: 9 ✭junior1281


    Well,

    To be honest, I have not asked our solicitor about that. I have never said either, I am going to go this way even, if it was possible. It's just for my own information. Maybe, if needed, we may tell them we know about this sort of opportunity, so they eventually will hurry up a bit. At the moment, our solicitor is insisting for the closure documents....


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    #4
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    This would be a double edged sword, would you agree to pay compensation to a vendor if say your bank delayed drawdown on your mortgage?

    From a practical point of view, your only leverage would be to threaten to pull out of the contract as a result of the seller not abiding by the terms, but given the fact that property prices are rising, the seller might actually prefer that you did, they could put back on market at a higher price.


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    #5
    junior1281
    Registered Users Posts: 9 ✭junior1281


    davo10,

    Sure, I understand that. There is always another point of view... However, you only know a part (a very small part) of the process... It's been ongoing since almost 6 months. The contracts have been signed, the only thing "they" need to do is to sign the documents and post them. They seem to have plenty of time for it and simply do not care.

    Anyway, I was just asking if that could have been possible? According to the law, of course.


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    #6
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    AFAIK You would have to follow the process of forcing the sale to close and then compensation would be looked at at the same time. It was on off the cuff remark by my solicitor but he mentioned fees of around €20K to get it done.


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    #7
    junior1281
    Registered Users Posts: 9 ✭junior1281


    OK.... well, it all depends on , how much I could sue them for :-) , anyway, thanks for the reply. It looks like they have replied and it's coming to an end.


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