Sale agreed but no completion date

Xenor1

After having gone sale agreed on purchasing a property last month, my solicitor has just received the contract. In it is a "special condition" that the closing date of this sale is entirely dependent on the closing date of the vendor's own purchase of a new home. There's no time-frame, no date provided. My solicitor advised that the vendor will probably insist on this condition remaining.

I'm a first time cash buyer. I was hoping for a quick sale and I'm not really prepared to sign a contract with no foreseeable completion date, as I could potentially be waiting indefinitely at the end of a chain.

I'm just wondering if this a common stipulation in a contract? And what could be a reasonable alternative be?

marie rosanna

Xenor1 wrote: »

After having gone sale agreed on purchasing a property last month, my solicitor has just received the contract. In it is a "special condition" that the closing date of this sale is entirely dependent on the closing date of the vendor's own purchase of a new home. There's no time-frame, no date provided. My solicitor advised that the vendor will probably insist on this condition remaining.

I'm a first time cash buyer. I was hoping for a quick sale and I'm not really prepared to sign a contract with no foreseeable completion date, as I could potentially be waiting indefinitely at the end of a chain.

I'm just wondering if this a common stipulation in a contract? And what could be a reasonable alternative be?

Personally I have not heard of this before. But you should be in a position whereby you can stipulate a closing date or time frame that suits you?

spin777

If the vendor doesn't find another house your up **** creek and if he takes his time then he's using you as a fall back.

The contract should state something like, "until the vendor finds a new property and/or three months from date of signing contracts, whichever is the sooner". I would insist on it. Two or three months is reasonable.

TheDriver

and be prepared to walk. They could stall signing contracts and again, walk. You can't have your cake and eat it because you could be waiting and waiting and waiting............

doubter

...and make sure they know you are prepared to walk.

Xenor1

Op here. Thanks for the responses.
Yes I thought it was very unreasonable so my solicitor added a "long stop clause" to the contract, saying that if the sale wasn't completed by a certain date, we would walk.
I gave them exactly three months from the sale agreed date, so hopefully that'll encourage the vendors to progress things.
Only time will tell..

spin777

Xenor1 wrote: »

Op here. Thanks for the responses.
Yes I thought it was very unreasonable so my solicitor added a "long stop clause" to the contract, saying that if the sale wasn't completed by a certain date, we would walk.
I gave them exactly three months from the sale agreed date, so hopefully that'll encourage the vendors to progress things.
Only time will tell..

Are you signing contracts to that effect, be aware that if you sign a contract and give the seller three months, it could take 3months +28days to get performance. This is a LONG time to be waiting for the house.

Also, if your not signing a fully legally binding contract to that effect then I'd be nervous that the seller is using you, and could pull out at any time.

Good luck.

Chiorino

Sounds suspiciously like the situation we are in at the moment, only we have a purchaser trying to make the purchase conditional on the sale of their current property.