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Buyer has missed Closing Date...with no contact

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  • 26-11-2021 7:36pm
    #1
    Cadenza
    Registered Users Posts: 21 ✭


    Hi, wondering if anyone can advise.

    I've been selling an apartment since March. It was 'Sale Agreed' in May but fell through (probate issues on buyers side)...again in July (finance issues). In Aug I accepted an offer 7k less than the previous....the person had to mortgage in principle with special conditions accepted by the central bank (tbh not 100% what that means). I made it clear when accepting the offer that it had to be seamless. Anyway, it was due to close today (actually Tues but my solicitor has asked me to extend to Friday as it was the norm).

    Yesterday I was advised that the buyer's bank was looking for some kind of insurance indemnity from the management company. Today came and went and I've heard nothing, from anyone.

    During the week I discovered on PPR that a 2 bed has sold for the same price as I had achieved with my considerably larger 3 bed. (When purchased initially there was a €35k difference in price). The property is empty but I'm in no panic. Is it possible to consider the contract voided and remarket or do I 'have' to offer extensions?



Comments

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    #2
    muffler
    Registered Users Posts: 46,154 ✭✭✭✭muffler


    You need to consult with your solicitor. Thats what you are paying them for.



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    #3
    Cadenza
    Registered Users Posts: 21 ✭Cadenza


    @Muffler I hear you...except my solicitor was already a little anxty with me when I wasn't happy with the closing date 30 days from contracts signed. I got my copies to sign 18 days after the buyer and we settled on 18 days from my signing.



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    #4
    Darc19
    Registered Users Posts: 3,817 ✭✭✭Darc19


    Contracts are signed, so difficult to pull out.

    Solicitor can issue a 30 day completion notice and this would allow you walk away.



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    #5
    mitresize5
    Registered Users Posts: 1,003 ✭✭✭mitresize5


    Just want to give you the potenital other side of the equation.

    We bought and ended up with the vendors solicitor serving us with a 28 days to completion notice.

    Like your buyer we had mortgage approval in place when we send sale agreed.

    I've never been through something as frustrating as trying to draw down the loan. Months of over and back with the bank for the smallest of things. Incredibly frustrating experience and while the vendor threatening to pull out added a huge amount of stress I could completely understand where they were coming from.



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    #6
    houseyhouse
    Registered Users Posts: 693 ✭✭✭houseyhouse


    You can’t just pull out because they missed the closing date by a day or two. You have to serve them with a notice to complete and then they have 28 days to comply. They would lose the 10% deposit they paid on signing if they couldn’t complete. It’s not a small thing to do. The 2-bed is smaller but may still be better than yours in some way you haven’t considered so I wouldn’t automatically assume you should get more. Could have a better aspect, better view, upgraded kitchen/bathroom etc etc



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