Gap between contract signature and closing date

sapper

Is there a generally accepted standard gap between buyer and seller signing contracts and closing date? Say you have a seller gunning to sell up 2 weeks after signing and a buyer currently living in rented accommodation requiring 6 weeks notice. The buyer obviously preferring not to be paying rent at the same time as a mortgage. Anything like law society guidelines stipulating a reasonable timeframe?

miezekatze

I think there's always a gap between signing and closing date. I've even heard of cases where there was a gap between closing date and the day you actually get the keys, but in our case that happened on the same day. Your solicitor should be able to give you a better idea of the actual timeline.

BoatMad

sapper wrote: »

Is there a generally accepted standard gap between buyer and seller signing contracts and closing date? Say you have a seller gunning to sell up 2 weeks after signing and a buyer currently living in rented accommodation requiring 6 weeks notice. The buyer obviously preferring not to be paying rent at the same time as a mortgage. Anything like law society guidelines stipulating a reasonable timeframe?

There is no accepted standard. The date is agreed with the seller before the contract is signed. The seller controls the process and the buyers only response is not to sign and not buy. However many buyers " want " to buy , so they sign first ,even before an agreed date is set and then the seller signs when they see fit.

VincePP

Once a contract is signed then the buyer has more strength to delay if they wish.
In normal circumstances its usually 2-3 weeks, but it can drag on

BoatMad

VincePP wrote: »

Once a contract is signed then the buyer has more strength to delay if they wish.
In normal circumstances its usually 2-3 weeks, but it can drag on

Huh, the normal case , is the buyer signs first , the contract completion date is then typically agreed and the seller signs. However the seller controls the timescales up until the point they sign.

At that point , there is a valid contract with a legally binding completion date. Unless the buyer has valid grounds to delay completion, they could be sued for " progress " . In most cases the keys are handed over on the completion date.

In some cases , the buyer has added a clause to protect them selves from delays in finance approval or withdrawal of approval. Outside of that , the date is the date.

4ensic15

BoatMad wrote: »

Huh, the normal case , is the buyer signs first , the contract completion date is then typically agreed and the seller signs. However the seller controls the timescales up until the point they sign.

At that point , there is a valid contract with a legally binding completion date. Unless the buyer has valid grounds to delay completion, they could be sued for " progress " . In most cases the keys are handed over on the completion date.

In some cases , the buyer has added a clause to protect them selves from delays in finance approval or withdrawal of approval. Outside of that , the date is the date.

If the buyer does not close on time the seller has to serve a notice to complete and demand that there be completion within a particular time, usually 4 weeks. Time is not of the essence in such a contract unless specifically provided for at the outset which is rare. The o/p will be easily able to get his 6 weeks after signing the contract.

BoatMad

4ensic15 wrote: »

If the buyer does not close on time the seller has to serve a notice to complete and demand that there be completion within a particular time, usually 4 weeks. Time is not of the essence in such a contract unless specifically provided for at the outset which is rare. The o/p will be easily able to get his 6 weeks after signing the contract.

Oh I agree , buyer can stall for a while , but not legitimately.

VincePP

BoatMad wrote: »

Huh, the normal case , is the buyer signs first , the contract completion date is then typically agreed and the seller signs. However the seller controls the timescales up until the point they sign.

At that point , there is a valid contract with a legally binding completion date. Unless the buyer has valid grounds to delay completion, they could be sued for " progress " . In most cases the keys are handed over on the completion date.

In some cases , the buyer has added a clause to protect them selves from delays in finance approval or withdrawal of approval. Outside of that , the date is the date.

Eh, what's the 'huh' - the 'normal' time from signing contract to closing is about 2-3weeks.

But once contract is signed the buyer has more control and any half decent solicitor can create delays and if the seller gets annoyed they can serve a completion notice which gives a further 30 days.

Quite easy to create delay of 2 months, but that can lead to bad feeling and not advised. - Someone did it to me and i decided to allow friends take whatever plants they wanted and ensured there was no oil left or anything else not listed and decided not to clean the house down before the completion.



So advice is always come to a mutually acceptable date.