Contract Question

moloneyg

Quick one on contracts,

If the vendor and the purchaser both have signed contracts, and the closing date has not been set. And the purchaser has given the deposit.

Can the vendor not go through with the sale?, or is there anything that can stop the vendor from going through with or canceling the sale. Without the purchaser forcing the sale or looking for costs etc etc.

Gerry

Victor

Talk to your solicitor.

The only way I see as an out is mutual agreement. However, the buyer will be looking for the cost of solicitor, etc.

The vendor can delay, but as I understand it, the buyer will simply demand performance of the contact.

moloneyg

thanks,

I'm the buyer, and everything went smoothly till the signing day ;-), now i'm in limbo, playing the waiting game, thats all. I want in, and the vendor is delaying, I just read somewhere with contracts signed and no date set then one is in a different quagmire then if one has a date set. As one cannot request a contract completion request as there is not a date set yet etc etc..

I just want to have the thing sorted and move on to other things like furniture purchases etc :-)


Will revert to my solicitor

Regards,

Gerry

antoinolachtnai

It is a little hard to understand how you ended up signing a contract without there being a closing date. I would press the solicitor a bit on this.

dats_right

It is usual that a Closing Date would be inserted to the Contract, but I wouldn't be worrying unduly at this stage, as it is not all that uncommon for this to be ommitted or overlooked. Your solicitor should point out to you, that General Condition 2 of the Standard Law Society Contract for Sale, provides:

"Closing Date means the date specified as such in the Memorandum, or, if no date is specified, the first Working Day after the expriation of five weeks computed from the Date of Sale (i.e. the date that the contract for sale becomes binding on the parties)".

Therefore, if it becomes necessary at that stage your Solicitor is entitled to issue a 28 day Completion Notice. It is rare enough that it actually comes down to this, as usually the vendor is delaying because another link further down the chain (e.g the house that they are buying isn't ready because the people they are buying from haven't vacated yet, etc, etc) and in the end after all the panic attacks and sleepless nights, etc. it all works out. Having said that there is always the 0.1% where there are severe problems that cause serious delay or may even prevent closing.

So you do need to discuss your transaction with your Solicitor, who will obviously have a better understanding of your particular case and should be able to fill you in on the reason for the delays, etc.

moloneyg

Thanks,

There was a date set on the copies of the contracts I signed, or I added a date in per request, this date was supposedly crossed out by the vendor when they signed, and now I am playing a waiting game, I am just been told every few days I'll get a date tomorrow, and I just want to move in :-) It has been dragged out a bit, and I started think too much, I drove by the house and saw that they were packing, so everything is moving in the correct direction anyway.

Regards,

Gerry