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Buying/selling house contract question?

  • 01-10-2010 2:03pm
    #1
    eagle10
    Registered Users Posts: 529 ✭✭✭


    When a house is been bought/sold the contracts that are signed by both parties should they have a date that the deal must be done by or is it optional

    Does anyone know?


Comments

  • #2
    dermot_sheehan
    Closed Accounts Posts: 2,062 ✭✭✭dermot_sheehan


    The norm is the contract has provisions for a completion notice.

    This is a formal notice sent by one party to the other saying the contract must be completed in x number of days or else it will be regarded as a fundamental breach allowing the party not in breach to rescind/forfeit a deposit or sue for breach


  • #3
    eagle10
    Registered Users Posts: 529 ✭✭✭eagle10


    Should a contract include a closing date?
    Is it an essential part of the contract?
    would a solicitor draw up contracts without one?


  • #4
    dats_right
    Registered Users Posts: 1,168 ✭✭✭dats_right


    A completion notice generally only applies for new properties, where purchasing on foot of a Building Agreement. It is basically a notice confirming that the property has been completed.

    When purchasing a second hand property the term completion notice means something entirely different and is only encountered very occassionaly, and arises where when one party does not complete on or before the agreed Closing Date. Even then in most cases where a Closing Date is missed, the respective parties negotiate an amended closing date. It is only in very exceptional circumstances where one party downright refuses to complete will a Completion Notice be served. A Completion Notice in this sense will require the other party to complete within 28 days, failing which either party is deemed to be in breach and, inter alia, may forfeit the deposit and/or utilise the other legal and equitable remedies.

    Now returning to the OP's original question, yes is the answer, it is the norm for the Contract for Sale to expressly specify a defined Closing Date. However, the failure to specify one is not fatal. Many solicitors are not aware that General Condition 2 of the standard Law Society Contract, which is universally used, provides that where no closing date is specified that the Closing Date will be "the first working day after the expiration of five weeks [from the date the contracts were signed].


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