Maximum Payment Time after offer accepted

blueredface

Hi,

I have a quick question, how long a buyer/bidder can take to arrange and pay full amount of the property price once it’s been accepted by EA or seller?

The reason I'm asking is that I have a mortgage approved (30% of total property price), 25% cash and rest of money is currently in saving funds which will take 10 to 20 working days to encash or to get money transferred into my bank account?

Would this timeframe (approx. 30 days) usually be O.K. with Seller / EA once I make an offer and give advance money as token for this offer?
Also, what is minimum amount we can give as an offer once it’s been accepted by EA / Seller?

Would there be any issue if I take above time frame or it should be fine and usually it takes that time during this process especially when solicitors from both parties communicates each other once offer is accepted?

Regards.

wench

When you agree the sale you will have to give a certain amount to the EA, usually in the region of €5,000
Then the back and forth between the solicitors starts, and will usually take several weeks.
You don't need to have the balance of your money available until the closing date.

Your 30 days will be well over by the time all the paperwork is done!

NinjaTruncs

wench wrote: »

When you agree the sale you will have to give a certain amount to the EA, usually in the region of €5,000
Then the back and forth between the solicitors starts, and will usually take several weeks.
You don't need to have the balance of your money available until the closing date.

Your 30 days will be well over by the time all the paperwork is done!

Not quite accurate. You need to pay 10% on signing contracts which will be transferred to the vendors solicitor. The balance is then due on closing. We closed our sale approximately 2 weeks after the contracts were signed.

If you start to liquefy all your assets when your solicitor sends the contracts to the buyer solicitor you should be fine. unless you want the deal to close quickly in which case get your money sorted when your offer is accepted.

blueredface

NinjaTruncs wrote: »

Not quite accurate. You need to pay 10% on signing contracts which will be transferred to the vendors solicitor. The balance is then due on closing. We closed our sale approximately 2 weeks after the contracts were signed.

If you start to liquefy all your assets when your solicitor sends the contracts to the buyer solicitor you should be fine. unless you want the deal to close quickly in which case get your money sorted when your offer is accepted.

Hi NinjaTruncs,

Thanks for your update.
Can I ask who decide the closing date / timeframe: Seller or by law is there a particular timeframe? I mean, does it have to be within a certain timeframe or it depends how promptly Seller or Seller's solicitor respond?

When you say signing the contract, would that mean both parties agree on a certain Asking/Offered price and buyer pay the 10% advance. Then only thing left is to complete the paper work to transfer the property to Buyer who's solicitor then arrange to transfer the money from Buyer's account to his account which then transfer amout from his account to account of seller's solicitor?

I've seen few properties have been under negotiation for over 6 months and then Owner/seller pulled from the deal even his solicitor has taken the advance on a agreed price. What would be the panalty for the party who pulled from deal in this situation?

Thanks.

MarkAnthony

Four and a half months is the current average. The vendor usually sets the closing date. Be prepared to dig in for the long haul. Nothing is certain until you have the keys in your hands.

Process is:

Sale Agreed - Price is set between you and Vendor - booking deposit paid, this varies but is fully refundable at any time for any reason.

You then arrange for your surveyor, deeds will be requested by the vendors solicitor, folio maps etc will need to be checked. I don't know a single person that hasn't had some sort of issue at this stage. Cue back and forths that can take weeks/months. You may sign contracts at this point and pay your solicitor deposit of 10% minus your booking deposit.

Once you've sorted everything out the contracts will go over for the vendors signature at which point the deposit is in play. If you pull out you may lose this or a large proportion of it. If they don't complete the sale, 28 days after the closing date you can begin proceedings for specific performance (expensive). Power is all with the Vendor really.

Most things are negotiable, make sure you've a decent solicitor not the cheapest one you could find.

To answer your thread title, the maximum time will be how ever long your finance lasts for, speak to your solicitor about a loan clause.