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SIgning Contracts - Advice Needed

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  • 31-10-2017 12:04pm
    #1
    w/s/p/c/
    Registered Users Posts: 468 ✭✭


    Hi all,

    Just looking for any advice/your own experiences on this?

    My wife and I are booked in with our solicitor for later this week to sign our contracts.  Our house is ready to be snagged (arranging at the moment and hopefully will be completed next week).  As the house is ready, the bank are arranging the valuation from their side.  We have also received our formal loan offer and it is with our solicitor.  Our remaining deposit shall be also paid upon our visit.

    We are in the process of looking at property insurance/life cover etc.

    Our solicitor has stated that we should have property insurance/life cover in place before we sign the contracts, the bank states we should have all this before we drawn down.

    Am I right in assuming we should be ok to proceed to sign the contracts with out the above?   

    If anyone has any personal experiences with this, would be great if you could share.

    Thanks in advance.


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    #2
    wench
    Registered Users Posts: 1,645 ✭✭✭wench


    You should be able to arrange the insurance now, to be activated just before drawdown.
    Otherwise you are committing to a purchase you may have problems completing.

    Particularly the life insurance can cause problems and delays if either of you have any health/weight issues.


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    #3
    CreativeSen
    Registered Users Posts: 90 ✭✭CreativeSen


    We signed contracts in mid October, close date is mid November. We put life insurance in place last week and I only arranged home insurance last Friday to be activated later this week.

    Its my opinion that you need them to be in place to draw down on the mortgage/close the sale but not to sign contracts.


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    #4
    spaceHopper
    Registered Users Posts: 3,991 ✭✭✭spaceHopper


    Get it sorted now, that if something came up, there are a lot of questions when you take out the life insurance and something need clarification. It happened to us when we where taking out a top up.


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    #5
    Victor
    Registered Users Posts: 78,414 ✭✭✭✭Victor


    w/s/p/c/ wrote: »
    Am I right in assuming we should be ok to proceed to sign the contracts with out the above?   
    No.

    What if you sign contracts and the property burns down before you even move in? Nowhere to live and you owe the bank €300,000.

    What if you or your partner has a serious injury? In the space of a few days, your health can only get radically worse - it can't get radically better.

    Just because it is a few days, doesn't mean you can skimp. Not with this kind of money.


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    #6
    mloc123
    Registered Users Posts: 9,454 ✭✭✭mloc123


    Your solicitor is being cautious, this is what you pay them for. They don't want you signing and paying the deposit only to have an issue getting a life policy which then means the sale cannot complete and you lose money.


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