At what stage is the house yours?

Naos

Hello all,

I gather that the house is not 100% yours until the keys are in your hand but typically speaking, at what point would you say the house is practically yours?

My solicitor has just received the countersigned contracts, so I'm at the contracts exchanged phase with a closing date of January.

What happens if the vendor decides they no longer want to sell?

Thanks!

riclad

Theres, very little chance the vendor will decide not to sell,
after signing a contract,
the solicitor will inform you of a date when you get the keys,
Most transactions take 6-8 weeks to go through .
the solicitor has to check all the document,s ,he also has to get deeds from the bank,
if there was a mortgage on the house.
he has to check things like, is the property tax paid on the house.

Claw Hammer

Naos wrote: »

Hello all,

I gather that the house is not 100% yours until the keys are in your hand but typically speaking, at what point would you say the house is practically yours?

My solicitor has just received the countersigned contracts, so I'm at the contracts exchanged phase with a closing date of January.

What happens if the vendor decides they no longer want to sell?

Thanks!

in theory you can sue for specific performance if the vendor pulls out. On a practical level, litigation is a lot of hassle and most people would walk off. the house is yours when you have paid 100% of the money.

Naos

riclad wrote: »

Theres, very little chance the vendor will decide not to sell,
after signing a contract,
the solicitor will inform you of a date when you get the keys,
Most transactions take 6-8 weeks to go through .
the solicitor has to check all the document,s ,he also has to get deeds from the bank,
if there was a mortgage on the house.
he has to check things like, is the property tax paid on the house.

Thanks, the vendor and I have already agreed on the exact date - good to know there's little chance. I don't think they will but still there's always that chance!

Claw Hammer wrote: »

in theory you can sue for specific performance if the vendor pulls out. On a practical level, litigation is a lot of hassle and most people would walk off. the house is yours when you have paid 100% of the money.

Cheers Claw, good to know.. here's hoping we don't go down that route though

riclad

The chance of this transaction falling through is less than 1 per cent.At this stage theres very little chance of another buyer making another offer ,and trying to stop the transaction going through