Can buyers pull out after signing contract, but before buyer signs?

Ldb_236 · 04-10-2015 2:01am #1

EDIT: Sorry, the title should read "Can BUYERS pull out after signing contract but before SELLER signs" (apologies!)

Hi there, any advice would be greatly appreciated. We are currently buying our first home and went sale agreed in July. We were sent the contract a month ago, which we duly signed. This contract stated the completion date would be four weeks from date of signature. However, the seller has since been refusing to sign the contract to officially exchange, saying they can't give a date that their own house will be ready (despite us being told from the start that it was already built and ready to move into). This is massively delaying our move and we're due our first baby in a matter of weeks which is making it even more stressful; we've already waited four weeks for their signature and still have no clear indication of when/if they'll sign. In the meantime, a house nearby has come up for sale which we really like and which is currently unoccupied, meaning a potentially more straightforward purchase. My question is, can we pull out now even though we have signed the contract? They haven't signed theirs, so contracts aren't officially exchanged. Any advice would be greatly appreciated.

Bigcheeze · 04-10-2015 5:30am

Yes you can pull out without penalty if contracts have not been exchanged.

P. Breathnach · 04-10-2015 9:02am

Bigcheeze wrote: »

Yes you can pull out without penalty if contracts have not been exchanged.

Yes, but you might be landed with a problem if the seller suddenly decides to complete the exchange. So be careful.

Solicitors have a protocol for dealing with such situations. It involves writing to the seller's solicitor giving a deadline for completion, or the deal is off.

Bigcheeze · 04-10-2015 10:54am

P. Breathnach wrote: »

Yes, but you might be landed with a problem if the seller suddenly decides to complete the exchange. So be careful.

Solicitors have a protocol for dealing with such situations. It involves writing to the seller's solicitor giving a deadline for completion, or the deal is off.

Well the op wants the seller to complete.

bulleyes · 04-10-2015 10:58am

You should get your solicitor to send the vendor a 28 day completion notice to force a completion date.

April 73 · 04-10-2015 11:01am

bulleyes wrote: »

You should get your solicitor to send the vendor a 28 day completion notice to force a completion date.

Agree with this.

It's unlikely that going for a different house, even if it is empty, will get you in any quicker at this stage.

Barely Hedged · 04-10-2015 2:26pm

Ldb_236 wrote: »

EDIT: Sorry, the title should read "Can BUYERS pull out after signing contract but before SELLER signs" (apologies!)

Hi there, any advice would be greatly appreciated. We are currently buying our first home and went sale agreed in July. We were sent the contract a month ago, which we duly signed. This contract stated the completion date would be four weeks from date of signature. However, the seller has since been refusing to sign the contract to officially exchange, saying they can't give a date that their own house will be ready (despite us being told from the start that it was already built and ready to move into). This is massively delaying our move and we're due our first baby in a matter of weeks which is making it even more stressful; we've already waited four weeks for their signature and still have no clear indication of when/if they'll sign. In the meantime, a house nearby has come up for sale which we really like and which is currently unoccupied, meaning a potentially more straightforward purchase. My question is, can we pull out now even though we have signed the contract? They haven't signed theirs, so contracts aren't officially exchanged. Any advice would be greatly appreciated.

Ask the person youre paying money for legal advice for legal advice?

Millem · 04-10-2015 2:59pm

Ldb_236 wrote: »

EDIT: Sorry, the title should read "Can BUYERS pull out after signing contract but before SELLER signs" (apologies!)

Hi there, any advice would be greatly appreciated. We are currently buying our first home and went sale agreed in July. We were sent the contract a month ago, which we duly signed. This contract stated the completion date would be four weeks from date of signature. However, the seller has since been refusing to sign the contract to officially exchange, saying they can't give a date that their own house will be ready (despite us being told from the start that it was already built and ready to move into). This is massively delaying our move and we're due our first baby in a matter of weeks which is making it even more stressful; we've already waited four weeks for their signature and still have no clear indication of when/if they'll sign. In the meantime, a house nearby has come up for sale which we really like and which is currently unoccupied, meaning a potentially more straightforward purchase. My question is, can we pull out now even though we have signed the contract? They haven't signed theirs, so contracts aren't officially exchanged. Any advice would be greatly appreciated.

The contract is only binding once contracts have been exchanged. No harm getting your solicitor to tell their solicitor either sign by Friday or you will walk.
I would hope that they would sign as you will have clocked up legal fees

dr.fuzzenstein · 04-10-2015 3:33pm

Barely Hedged wrote: »

Ask the person youre paying money for legal advice for legal advice?

Well, it is interesting for others too!
If everyone just followed the advise "don't bother with internet forums and just ask the professionals", most forums wouldn't exist. :P
And I don't think his solicitor was open for questions at 02:01, for some reason they get pissy when you ring them at that time and call to their house.

Rew · 04-10-2015 3:53pm

We pulled out after signing, fine to do as long as you haven't received the counter signed ones back. If you prefer the other house pull out and buy it.

Jen44 · 05-10-2015 8:15am

Its a tricky one with the baby on the way. You've no guarantee that the other house will close quicker. It being empty definitely helps but there are other issues that can slow it down. Is it a house requiring probate etc

Ldb_236 · 08-10-2015 7:15am

Thanks so much to everyone for your replies. We have indeed pulled out of the sale; we both feel it was the right thing to do given the circumstances. Really appreciate your help!

dr.fuzzenstein · 08-10-2015 9:33am

Hope the other purchase goes a lot better.

lawlor_j · 08-10-2018 8:43pm

Ldb_236 wrote: »

Thanks so much to everyone for your replies. We have indeed pulled out of the sale; we both feel it was the right thing to do given the circumstances. Really appreciate your help!

Hello can i ask you a question on this matter

Samuel T. Cogley · 08-10-2018 8:53pm

lawlor_j wrote: »

Hello can i ask you a question on this matter

Possibly with the benefit of a time machine. Best to just post your question and take the good with the bad in terms of advice.

Can buyers pull out after signing contract, but before buyer signs?

Comments