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What is a realistic completion of sale date to put on contracts??

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  • 07-02-2018 5:56pm
    #1
    StarBright01
    Registered Users Posts: 731 ✭✭✭


    We are selling our current home and purchasing another. As a second time buyer we need to sell to purchase (to fund the 20% deposit required) We would obviously like for both to run as close together as possible (although I know it's impossible to hand over keys one day and pick up keys to the new property the same day)

    Both properties are at the same stage at the moment. Solicitors waiting on "title deeds" from banks.

    Our solicitor acting on behalf of us selling our home has just received title deeds today has asked what our target completion of sale date is. What is a realistic sale date to put down? 2-3 weeks? More?

    Anyone had a similar situation to this?

    Sorry this is all new to me so any advice much appreciated!! :)


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    #2
    Baybay
    Registered Users Posts: 1,063 ✭✭✭Baybay


    We were second (actually third!) time buyers too & needed our house sold to buy the next.
    Our buyers proposed a day we couldn't meet for work reasons but we agreed another, a number of days after their holiday, also proposed by them.
    We expected our move from & into our new house to happen on the same day as our new purchase was a new build, empty & ready to move into.
    Close to midday on the proposed day, when the moving truck was more than three quarters full of our things, our solicitor rang to say it wouldn't happen that day & not to move anything until at least the following morning.
    We agreed with the movers to keep our things overnight on the truck in preparation for an early move the following morning.
    Three weeks later, we moved into our new home, where incidentally, we're now very happy.
    Our buyers turned out not to have been as organised as they thought & their funds took an age to clear. Huge expense to us for storage, b&b, laundry, meals, kennels etc.
    Work towards the proposed day by all means but have a contingency in place for a few days, just in case.


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    #3
    Muahahaha
    Registered Users Posts: 19,656 ✭✭✭✭Muahahaha


    StarBright01 wrote: »

    Our solicitor acting on behalf of us selling our home has just received title deeds today has asked what our target completion of sale date is. What is a realistic sale date to put down? 2-3 weeks? More?

    Not sure if by completion of sale you mean the closing date, ie hand over of keys? If so 2-3 weeks would not be realistic. He has just received title deeds so now he drafts the contract, sends it to the other side who then get the opportunity to raise pre-contract queries. They have to be responded to by your solicitor. If the other side is happy with the responses then they will return the contract signed by the purchasers. If they are not happy then things can drag on.

    The contract itself will state a closing date which is a date measured from the day the contracts are signed. Normal practice would be for that date to be 4 or 5 weeks after the execution of the contracts.

    In the mean time you can help your solicitor avoid delays by ensuring that your local property tax is paid up to date and print it off showing a balance of 0.00. If you dont have one then you will need to get a certificate of exemption/discharge for the NPPR from your local council and also a BER cert. and advisory report.


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    #4
    April 73
    Registered Users Posts: 846 ✭✭✭April 73


    StarBright01 wrote: »
    We are selling our current home and purchasing another. As a second time buyer we need to sell to purchase (to fund the 20% deposit required) We would obviously like for both to run as close together as possible (although I know it's impossible to hand over keys one day and pick up keys to the new property the same day)

    This isn’t impossible. We sold & bought a house three years ago & the sellers of the house we bought also bought on the same day. So three different buyers moved into three different houses on the one day and the seller at the top of the chain got his money too. You just need solicitors willing to align with each other. It’s not stress-free but it is possible.


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