House sale contract signed

awec

blowin3 wrote: »

So a contract is not worth the paper its written on by what people are saying here.
I was always under the impression that when both parties sign its legally binding. If all the ducks are not in a row for both parties you dont sign that includes loan offer approved. But what you say a few phone calls and you are not in breach of contract if you dont see it trough. I should think if standing in front of a judge you would need a good explanation to get out without losing deposit etc

The contract is everything, it depends what's written in the contract. You haven't clarified what the contract actually says.

If the contract has a subject to loan clause inserted, then that means they can back out if the bank refuse to fund their purchase. They can do this because you agreed to allow them to do it when you signed the contract.

If this clause isn't in the contract, then they can still not go through with it, but they'll be forfeiting their deposit. I think, theoretically, you could pursue them in the courts, but it's likely to just be stress for nothing.

Some contracts have this clause, some don't. If you don't know, you need to ask your solicitor to check and see if it's there.

blowin3

awec wrote: »

The contract is everything, it depends what's written in the contract. You haven't clarified what the contract actually says.

If the contract has a subject to loan clause inserted, then that means they can back out if the bank refuse to fund their purchase. They can do this because you agreed to allow them to do it when you signed the contract.

Yes there was a clause subject to
If this clause isn't in the contract, then they can still not go through with it, but they'll be forfeiting their deposit. I think, theoretically, you could pursue them in the courts, but it's likely to just be stress for nothing.

Some contracts have this clause, some don't. If you don't know, you need to ask your solicitor to check and see if it's there.

Yes there was a clause subject to loan. I had not figured the bank withdrawing the loan offer after agreeing the loan. I suppose once there has not been a draw down the bank have the final say.

awec

blowin3 wrote: »

Yes there was a clause subject to loan. I had not figured the bank withdrawing the loan offer after agreeing the loan. I suppose once there has not been a draw down the bank have the final say.

Yea unfortunately then they can back out. Your solicitor should have advised you on the implications of this clause.

blowin3

awec wrote: »

Yea unfortunately then they can back out. Your solicitor should have advised you on the implications of this clause.

The solicitor said it was a standard contract and suppose could have foreseen a pandemic. In saying that the Covid19 was around as the contract was only signed 3 weeks ago.

So it looks like this might not happen. It's a high end home so a lot of money at stake. Thanks for the info

akesha

My husband and I are sellers and have our contract signed and exchanged as well. Talked to my solicitor about closing date (in 2 weeks), and he told me is on track. Did you check with your solicitor?

blowin3

akesha wrote: »

My husband and I are sellers and have our contract signed and exchanged as well. Talked to my solicitor about closing date (in 2 weeks), and he told me is on track. Did you check with your solicitor?

Thanks akesha he is saying the same thing that all is ok. But I just have a bad feeling about this with what's going on in the world. Hopefully for both of us it will work out. Thanks for the positive reply.

akesha

blowin3 wrote: »

Thanks akesha he is saying the same thing that all is ok. But I just have a bad feeling about this with what's going on in the world. Hopefully for both of us it will work out. Thanks for the positive reply.

Yes, we have been very anxious all this time as well, but every week we had a step further. So hopefully everything will be sorted soon.

blowin3

akesha wrote: »

Yes, we have been very anxious all this time as well, but every week we had a step further. So hopefully everything will be sorted soon.

Fingers crossed for both of us. We have been waiting over 2 years for this as a few sale agreed fell through.

I work in a hospital so I am seeing first hand the reality of what's happening with this horrible virus. Money can always be replaced but a life cant. I sometimes feel guilty even thinking about this sale but it will be a weight off our shoulders when it sells.

akesha

blowin3 wrote: »

Fingers crossed for both of us. We have been waiting over 2 years for this as a few sale agreed fell through.

I work in a hospital so I am seeing first hand the reality of what's happening with this horrible virus. Money can always be replaced but a life cant. I sometimes feel guilty even thinking about this sale but it will be a weight off our shoulders when it sells.

My hubbie has a lot of health issues for a few years now and we just want to start over in a new city with a new house. And sometimes I feel like you said, and my husband says "there are people dying", and I know! And I feel bad about the situation we are living, but at this stage of my life, I just need things going further and get some happiness.

blowin3

akesha wrote: »

My hubbie has a lot of health issues for a few years now and we just want to start over in a new city with a new house. And sometimes I feel like you said, and my husband says "there are people dying", and I know! And I feel bad about the situation we are living, but at this stage of my life, I just need things going further and get some happiness.

Sorry for your husband I hope he will be ok. I can relate about a new start as myself and my family are planning to emergrate in a year or two all going well.
But unfortunately life goes on outside the hospital's that's what happens in life. I just feel if we can get over this hurdle as it has consumed our life for so long.

kevinc565

awec wrote: »

Yea unfortunately then they can back out. Your solicitor should have advised you on the implications of this clause.

TUI (travel agents) staff found that out when banks withdrew their loan offers when their employer collapsed.

kevinc565

blowin3 wrote: »

Sorry for your husband I hope he will be ok. I can relate about a new start as myself and my family are planning to emergrate in a year or two all going well.
But unfortunately life goes on outside the hospital's that's what happens in life. I just feel if we can get over this hurdle as it has consumed our life for so long.

So you're buying a house in ireland but plan to emigrate in a year or so?

blowin3

kevinc565 wrote: »

So you're buying a house in ireland but plan to emigrate in a year or so?

No my family are selling a house not buying.

akesha

Hey, @blowin3, how is it going? Did you close already? we have confirmation we will be closing tomorrow

blowin3

akesha wrote: »

Hey, @blowin3, how is it going? Did you close already? we have confirmation we will be closing tomorrow

I am delighted for you.

We have been told this week as well. I am just holding the breath to try and get it over the line.

akesha

Any updates blowin3? We closed yesterday, just waiting for the funds to be transferred

blowin3

akesha wrote: »

Any updates blowin3? We closed yesterday, just waiting for the funds to be transferred

Great news I am delighted for the both of you. Now you can relax and enjoy life.
We are led to believe that the buyer will close tomorrow but will have to cross fingers and toes that it will happen hopefully 🥵

akesha

blowin3 wrote: »

Great news I am delighted for the both of you. Now you can relax and enjoy life.
We are led to believe that the buyer will close tomorrow but will have to cross fingers and toes that it will happen hopefully ��

I am sure it will!

blowin3

Finally got the news Friday that money was lodged with our solicitor whooo!
There was a problem doing the final searches due to the lock down so the money will be in our solicitors client account till this finalised. So happy this over it was properly the most trying time in my life. So it might take a week or two to sort out the formalities hopefully and than we can pay a few bills. Did this happen to you money held?

Darc19

Boards is great for the ordinary queries, but financial questions are always better answered on the askaboutmoney.com website.

You get no side comments and very much direct and correct constructive answers

blowin3

Darc19 wrote: »

Boards is great for the ordinary queries, but financial questions are always better answered on the askaboutmoney.com website.

You get no side comments and very much direct and correct constructive answers

I was conversing with another poster above my last post who was in a similar situation. The tread might help other's selling a house all is not lost due to the lock down.

Darc19

blowin3 wrote: »

I was conversing with another poster above my last post who was in a similar situation. The tread might help other's selling a house all is not lost due to the lock down.

I was looking at the other answers that caused worry. Many were quite wrong.

akesha

blowin3 wrote: »

Finally got the news Friday that money was lodged with our solicitor whooo!
There was a problem doing the final searches due to the lock down so the money will be in our solicitors client account till this finalised. So happy this over it was properly the most trying time in my life. So it might take a week or two to sort out the formalities hopefully and than we can pay a few bills. Did this happen to you money held?

Congratulations!!!

In our case, it took a week between our solicitor got the money and when he sent the transfer to us. He was just waiting to get rest of the money from EA and get the confirmation from our lender that the mortgage was redeemed.

Roger the cabin boy

You'd be mad to go through with a new mortgage in this enviroment.
At best, Covid19 is going to be a 2008-esque event for house prices.

blowin3

akesha wrote: »

Congratulations!!!

In our case, it took a week between our solicitor got the money and when he sent the transfer to us. He was just waiting to get rest of the money from EA and get the confirmation from our lender that the mortgage was redeemed.

That's all positive for both of us thank God.

To others reading this maybe we were lucky but our estate agent stated that there were many sales still completing. People that work in the civil service or people on the front line this lock down does not affect loan offers for them as most are still working as I am.

slystallone

https://www.boards.ie/discussion/comment/113021959#Comment_113021959

At what point in the process are the closing deeds signed? on closing day?

Cyrus

https://www.boards.ie/discussion/comment/113274016#Comment_113274016

That aged badly.