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How long to close from contract signing?

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  • 06-08-2019 11:18am
    #1
    TelePaul
    Registered Users Posts: 4,093 ✭✭✭


    Hi all,

    Was hoping for some guidance. Went sale agreed on a two bedroom Dublin city apartment in April and for a variety of reasons, still have to close with our closing date of July 29th lapsing. There have been a litany of issues (buyer being out of the country, an investor, his solicitor apparently losing documents, and most recently, my management company listing the wrong expiry date on block policy documents - something that the buyer's solicitor queried today having received these two weeks back)

    We're sale agreed on a new property with a tentative closing date of Sept 1, but I have real doubts about the current sale. I wanted to get thoughts on whether a) there's any real contractual weight in the signing of contracts if the buyer hasn't drawn down funds, and b) if and when I could cut him loose or provide a hard deadline- the closing date seems completely arbitrary


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    #2
    drunkmonkey
    Registered Users Posts: 28,192 ✭✭✭✭drunkmonkey


    So your sale agreed on 2 houses but haven't signed any contracts, have you put down the initial deposit on both?

    The closing date is finger in the air stuff, could take 4 weeks or 6mts +
    If you back out after contracts are signed you'll probably lose your deposit. You don't sound like you've anything signed.


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    #3
    tuisginideach
    Registered Users Posts: 2,066 ✭✭✭tuisginideach


    drunkmonkey wrote: »
    So your sale agreed on 2 houses but haven't signed any contracts, have you put down the initial deposit on both?


    Surely OP is seller in first case and buyer in second, rather than buyer in both?


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    #4
    drunkmonkey
    Registered Users Posts: 28,192 ✭✭✭✭drunkmonkey


    tuisginideach wrote: »
    Surely OP is seller in first case and buyer in second, rather than buyer in both?

    Yup read it again....sounds like a bit of a messer of a buyer.


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    #5
    TelePaul
    Registered Users Posts: 4,093 ✭✭✭TelePaul


    I have signed contracts to sell, have yet to sign contracts to buy (need to clear current loan balance first, but also have a bit of due diligence to do).

    Buyer has returned signed contracts of sale, which, being contracts, I'd assumed would see the closing date treated as something 'concrete' but obviously that's not the case. So I'm trying to get a sense of what kind of delay is reasonable - I assume the buyer loses his deposit if this falls through?

    Thanks for the help


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