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Why not complete and exchange on the same day?

  • 28-07-2014 4:41pm
    #1
    iguana
    Registered Users, Registered Users 2 Posts: 12,917 ✭✭✭✭


    What are the drawbacks of completing a purchase on the same day as contracts get exchanged? The house I am buying could be vacant by the time we are ready to exchange contracts and we are in a rental property which we plan to keep renting for a period after we complete the purchase so we can get work done before we move in. If the property we are purchasing is vacant when we exchange contracts what would be the point in delaying an extra few weeks before we complete?


Comments

  • #2
    Little Miss Cutie
    Registered Users, Registered Users 2 Posts: 1,194 ✭✭✭Little Miss Cutie


    iguana wrote: »
    What are the drawbacks of completing a purchase on the same day as contracts get exchanged? The house I am buying could be vacant by the time we are ready to exchange contracts and we are in a rental property which we plan to keep renting for a period after we complete the purchase so we can get work done before we move in. If the property we are purchasing is vacant when we exchange contracts what would be the point in delaying an extra few weeks before we complete?

    We are exchanging and completing on Wednesday! Not ideal, as we don't have confirmation / assurance until the last minute.


  • #3
    TheDriver
    Registered Users, Registered Users 2 Posts: 12,680 ✭✭✭✭TheDriver


    there could be a delay for many reasons in signing the contract and you would have notice already given so you could be homeless............. Nothing is definite unless contracts are signed


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