Contracts in but no closing date. Normal?

chris85

Hi Folks,

FTB buying a house. We are sale agreed and have contracts with our solicitor at moment. However there is no closing date on the contracts. We pressed the solicitor on this as not entirely comfterable signing and sending contracts back with no date to close as feel entirely at mercy of the vendor in terms of closing the deal.

Our solicitor advised vendor are looking at late July to close. They are buying a house elsewhere which they are sale agreed on. Some other complexities involved also.

So is this normal to sign contract with no date? How can I give myself some protection/assurance that they are not going to drag the sale out and I am already committed to the sale?

Chris85

Rew

You solicitor should be advising you on this and protecting you.

wench

Personally, I wouldn't sign without a date.

You could be left committed to this purchase indefinitely if their move goes wrong.
Without some date being there, you will be limited in trying to get specific performance ordered to make the move happen.
To get out of the contract, you would be the one in breach and subject to penalties, even though they would be the ones messing you around.

Insist on a date, even if it is July or August.

chris85

Rew wrote: »

You solicitor should be advising you on this and protecting you.

Agreed. He said went back requesting closing date but vendor wont commit to this on contract at moment. Solicitor essentially said no more can do if they don't wish to include closing date. He seemed to suggest this is quite normal with house purchases but I am surprised.

So essentially I commit a load of money to a sale which have no timeframe to close and also the vendor has not committed to so could back out of at any time. Seems mad.

I don't intend signing without a closing date on it.

TheDriver

I would wait also unless house was empty and it was in vendors interest to close etc. In this situation, they might be in no hurry....

quagmire47

chris85 wrote: »

Agreed. He said went back requesting closing date but vendor wont commit to this on contract at moment. Solicitor essentially said no more can do if they don't wish to include closing date. He seemed to suggest this is quite normal with house purchases but I am surprised.

So essentially I commit a load of money to a sale which have no timeframe to close and also the vendor has not committed to so could back out of at any time. Seems mad.

I don't intend signing without a closing date on it.

In this situation, I would be inclined to follow the advice of your solicitor over advice in this thread.

Your original question asked if this was normal. I wouldn't look to take anything more from this thread than a straw poll indicating how many people who have actually purchased their home, had seen, in writing, the date of closing before they signed.

MarkAnthony

No closing date and the vendor not signing the contracts are two different things.

It's very common for no closing date to be forthcoming. Ensure recision dates are built in and there is a loan clause. If the vendor pulls out there is the potential for an order of specific performance. I doubt that would be an advisable course of action but given costs.

As has been said - speak to your solicitor.