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Applicant - At what point are you legally responsible to pay back mortgage ?

  • 16-10-2013 10:55am
    #1
    uberalles
    Registered Users, Registered Users 2 Posts: 836 ✭✭✭


    We have a suitability statement request from a bank. Its pre approval so that one sounds fine.

    What document is the most important one you will sign? The one that draws down the funds?

    Thanks.


Comments

  • #2
    tinkerbell
    Registered Users, Registered Users 2 Posts: 6,423 ✭✭✭tinkerbell


    Yes.


  • #3
    uberalles
    Registered Users, Registered Users 2 Posts: 836 ✭✭✭uberalles


    tinkerbell wrote: »
    Yes.

    OK so we can sign any Mortgage related bank doc but not the one that draws down the funds and we are not liable for the funds.

    Thanks.


  • #4
    Victor
    Registered Users, Registered Users 2 Posts: 78,574 ✭✭✭✭Victor


    It may be down to the terms and conditions of the individual bank.


  • #5
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    uberalles wrote: »
    We have a suitability statement request from a bank. Its pre approval so that one sounds fine.

    What document is the most important one you will sign? The one that draws down the funds?

    Thanks.

    To answer the question in the title of your thread - from the day the bank issues the funds.

    There is no one 'important' doc that there's no going back from on the mortgage side. Only when all docs are completed, all loan offer conditions are satisfied & you have instructed your solicitor to drawdown the funds will the bank issue the money & only then will you be bound to the loan. You can sign every document under the sun and then tell your solicitor, no I don't want the money don't draw it down...

    The most important document you sign before the bank issue the monies is the contract for sale, as this is the only document that will have a financial impact on you if you walk away.


  • #6
    uberalles
    Registered Users, Registered Users 2 Posts: 836 ✭✭✭uberalles


    killers1 wrote: »
    To answer the question in the title of your thread - from the day the bank issues the funds.

    There is no one 'important' doc that there's no going back from on the mortgage side. Only when all docs are completed, all loan offer conditions are satisfied & you have instructed your solicitor to drawdown the funds will the bank issue the money & only then will you be bound to the loan. You can sign every document under the sun and then tell your solicitor, no I don't want the money don't draw it down...

    The most important document you sign before the bank issue the monies is the contract for sale, as this is the only document that will have a financial impact on you if you walk away.


    Thanks, that makes sense


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