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Closing date on sale

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  • 09-04-2015 9:48pm
    #1
    Jovetic
    Registered Users Posts: 202 ✭✭


    How likely is it that a sale will go through on the agreed closing date?

    Can a seller dig in a delay the sale, and if they do does the buyer have any recourse with regards compensation for the delay in sale?

    Thanks


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    #2
    castle2012
    Registered Users Posts: 1,014 ✭✭✭castle2012


    Jovetic wrote: »
    How likely is it that a sale will go through on the agreed closing date?

    Can a seller dig in a delay the sale, and if they do does the buyer have any recourse with regards compensation for the delay in sale?

    Thanks

    I would say it depends on the length of time of the delay , are you talking weeks or months ?


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    #3
    Jovetic
    Registered Users Posts: 202 ✭✭Jovetic


    Just in general. I'm just wondering if it is common that a closing date gets pushed back, or do they generally close on the closing date agreed? Thanks!


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    #4
    castle2012
    Registered Users Posts: 1,014 ✭✭✭castle2012


    Jovetic wrote: »
    Just in general. I'm just wondering if it is common that a closing date gets pushed back, or do they generally close on the closing date agreed? Thanks!

    I think the norm is close on the agreed closing date . That said could be a delay getting deeds , property tax etc


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    #5
    MAJJ
    Registered Users Posts: 1,679 ✭✭✭MAJJ


    Add house and especially mortgage insurance the latter can delay things if not planned.


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    #6
    Sala
    Registered Users Posts: 1,494 ✭✭✭Sala


    I personally would never rely on a closing date in a contract. Things cause delays all the time. Usually they will small, but I certainly wouldn't be relying on the date - i.e. giving up my rented flat on that day to move. It's written into the contract what happens in delay situations (interest etc) but in reality a short delay is normal. If there is a long delay and/or you are worried they are not going ahead you can take action, but the legal fees could be substantial


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    #7
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    The buyer has very little recourse. After 28 days proceedings for specific performance can be initiated but realistically you just have to grin and bear it. Your solicitor will discuss what clauses might need to be inserted into the contract such as a loan clause.


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    #8
    Uno my Uno.
    Registered Users Posts: 905 ✭✭✭Uno my Uno.


    Usually a Sale should close on the date agreed, short delays do occur from things like bank transfers taking longer than they are supposed to or LPT clearance being delayed but anything more then 3 days should have your solicitor asking questions and looking for an explanation.

    Despite that its not a great idea to give up your current accommodation before getting the keys to your new place. It has happened that first time buyers have arranged to move out of their rented accommodation the same day they are due to get the keys and then find themselves homeless when the sale is held up for a day or two.


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