Originally Posted by paul7g
Ok great, thanks.
I guess I should ask, what constitutes as ‘closing’. I find the lack of clarity in the whole process frustrating.
I’ll explain where I am currently at, and would greatly appreciate if someone could help or advise on the steps required from here in.
1. I have signed the loan offer with my solicitor, however he is back and forward with the seller’s solicitor on a few things on the contract
2. The full balance of the deposit has been transferred to my solicitor
What other milestones are required before you get the keys, if everything goes to plan.
Thanks again for your help on this.
“Closing” means the deal is done - you get keys and house is yours. Until you’ve money from the bank and keys in your hand, there is always the possibility of something going wrong.
Nothing is binding until you have signed contracts in place between you and the seller. Either party can walk away until then. Even if you have signed contracts and paid deposit, the seller can decide not to go ahead and pull out. Have you signed contracts and been returned to seller? Has the seer sighed contracts and returned them to your solicitor? Or have you signed them and your solicitor is holding off returning them until all queries are answered?
So you need signed contracts, a closing date, to put the non legals in place eg house and life insurance. A week before the estimated closing date your solicitor will request funds from bank and balance of funds from you (ie their bill, stamp duty).
To be honest your solicitor should have gone through all of this with esp if you’ve been into to sign stuff. My solicitor had gone through all the stages when we first went sale agreed and before anything happened.
As previous posted highlighted, with second hand house survey report should be carried out before you sign contracts. With new build, snag list should be carried out before funds are requested and sale closing.