When will I get funds from house

chacha11

Hi. This is my first time selling a house. I inherited a small terraced house so I own it outright.

It has been sale agreed for the last couple of months. The buyer is a cash buyer so there is no mortgage involved.

Contracts have been signed. And we have agreed a closing date of 31st of January.

I'm just wondering when I will get the money into my bank account. This is my first time doing this. Will I get the money on the closing date - 31 at january. Is that what usually happens.

Claw Hammer

The money will go to your solicitor. He may have given undertakings to pay off sums of money to the other side and he will have to take his own fee. You will likely be waiting at least a week and it could be up to a month.

chacha11

https://www.boards.ie/discussion/comment/121607108#Comment_121607108

Yeah I know the money goes to the solicitor first and I know he has to take his fee. I've signed a contract with him when I asked to use his service.

I was just unsure of the timings of it all.

The solicitor can tell me the date that I am moving out of the house.

But he can't seem to tell me the date of when the funds will be in my account. I saw some people online saying that they got the money on closing date.

I guess itll be probably a few weeks after closing date.

To the people that have sold houses before, when did you get the money?

Kurooi

Yeah I sold mine took about 2 working days from closing date for the money to reflect on my bank.

Be mindful closing dates are sometimes more like goals, those dates aren't set in stone.

chacha11

https://www.boards.ie/discussion/comment/121607213#Comment_121607213

Thanks for that Kurooi.

Yeah my closing date is 31st January. So hopefully I will get the money the week after.

It's been a long process selling the house, as I'm sure you know. So it's great to see the end in sight! And have it done.

chacha11

https://www.boards.ie/discussion/comment/121607222#Comment_121607222

I asked a property question.

Claw Hammer

https://www.boards.ie/discussion/comment/121607129#Comment_121607129

Each sale is different. Sometimes titles differ. Sometimes the solicitor gets a cheque and has to wait a week for it to clear his bank account. Sometimes there are bills that will only be quantified after the closing.

Kurooi

Don't coddle your solicitors they're professionals, push them to commit to transfer the moment the sale is through. If they fail to - why. Because at this stage they should have no reservations no concerns left. they allowed the transaction to happen, that's your money sitting in their account now.

If you sit quiet and ask for nothing you can indeed wait a month because they have other clients, annual leave, personal reasons and distractions.

If I were in your shoes now and need the money promptly, id shoot them an email. "Hi, ahead of the closing date could you give me a breakdown of the final sale price, less taxes , legal fees and your fees of course, and how much I expect to transfer to my bank. Also could you transfer the funds to my account by end of that week?"

herbalplants

Solicitors will transfer the money on 31 January when you hand in the keys.

Bass Reeves

There is a few variables. While the closing date uis the 31st that is no guarantee that the buyer will have funds transferred.

You should have got a copy of all cost and fees from your solicitor as well as funds from the buyer there may be sone money due from the auctioneer to you as well.

There is little advantage to solicitors holding funds and they usually disperse ASAP. However it will probably take 5-7 working days if everything goes as planned.

https://www.boards.ie/discussion/comment/121607406#Comment_121607406

Solicitors can commit to nothing until they have all the funds in there accounts

C3PO

https://www.boards.ie/discussion/comment/121608670#Comment_121608670

That is not necessarily the case in my experience!

herbalplants

https://www.boards.ie/discussion/comment/121610604#Comment_121610604

Ah OK. Yes this is how it happened for me. There was a small amount of money the buyer solicitor messed around with and blamed their bookkeeper but they did transfer the last bit quickly to my solicitor who transferred it to me.

Kurooi

https://www.boards.ie/discussion/comment/121608759#Comment_121608759

Yes they can - commit to transferring the money over in good time once they do receive it. It's not a bad idea to request it because then if they're busy or on leave they should make sure to calculate the figures and leave it with someone else in the office to look after just the bank part.

And are you quite sure of what you're saying? A solicitor would close the deal, hand over the keys and DEEDS to the other party, without the money? A little IOU of a few hundred K?

Bass Reeves

https://www.boards.ie/discussion/comment/121618529#Comment_121618529

What I said is that there is no guarantee that the solicitor will have the funds transferred to them on the closing date, if they do not the sale dose not proceed until the funds are transferred

There os no IOU.

A lot of sales do not get completed by the closing date

No solicitor should leave a contract with someone else to complete. Someone elses mistake leaves them libel