Pulling out of sale contracts signed but not exchanged

Housebuyer2015

Apologies if this has been asked previously. I have signed contracts and given my solicitor a deposit (made out to sellers solicitor). The contracts have not been exchanged yet. My solicitor is waiting for my go ahead as I had to double check something with the mortgage. My solicitor is on holidays until Thursday. Can I still pull out and get my deposit back? Thank.

Michael D Not Higgins

If the contract hasn't been handed over I don't see why not.

seamus

Yes. Until both parties have signed and returned contracts, there is no binding agreement.

antoinolachtnai

Contact your solicitor's office. Tell them clearly to put the transaction on hold and not to send the contract until you have had an opportunity to discuss it with your solicitor. You don't want to risk a mistake being made.

castle2012

Housebuyer2015 wrote: »

Apologies if this has been asked previously. I have signed contracts and given my solicitor a deposit (made out to sellers solicitor). The contracts have not been exchanged yet. My solicitor is waiting for my go ahead as I had to double check something with the mortgage. My solicitor is on holidays until Thursday. Can I still pull out and get my deposit back? Thank.

Do you mind if I ask why your pulling out. I'm going through a purchase myself at the moment. Is there anything to be looking out for ?

Rew

Yeah you can pull out up until the countersigned contract is back with your solicitor. We did this once and while im not proud of it it was what we had to do at the time.

Idioteque

castle2012 wrote: »

Do you mind if I ask why your pulling out. I'm going through a purchase myself at the moment. Is there anything to be looking out for ?

I usually flick through Askaboutmoney property related posts in addition to boards.ie and the OP explained the reason for pulling out there...

http://www.askaboutmoney.com/threads/contracts-signed-but-not-exchanged-pulling-out.193167/

"we have the opportunity to buy a family member's home at a really good price. (It is a much bigger house)"

Sucks for seller but guess this type of stuff happens all of the time on both sides.

Eldarion

Idioteque wrote: »

I usually flick through Askaboutmoney property related posts in addition to boards.ie and the OP explained the reason for pulling out there...

http://www.askaboutmoney.com/threads/contracts-signed-but-not-exchanged-pulling-out.193167/

"we have the opportunity to buy a family member's home at a really good price. (It is a much bigger house)"

Sucks for seller but guess this type of stuff happens all of the time on both sides.

Sellers entertain gazumping far too often for me to feel sorry for them in this situation. Live by the sword, die by the sword.

The_Conductor

Closed at the OP's request.
Thankyou guys.