Average time between signing and closing sale

A

ashbrook

Guest
What is the average time between contracts being signed and sale being closed and keys handed over? I was under the impression it was probably 2-3 weeks.I am the seller, the buyer has just signed and I will sign on wed as not free until then due to work but buyer wants to move in on Friday.This seems like an unreasonably short period of time (48hours) to return contracts and draw down mortgage.
 
Your solicitor should have funds in his/her possession before keys are handed over.

If he/she does ... by all means let them move in.

Only make sure you are ready to move out .... take ESB reading, mail forwarded, check that you have all your stuff removed etc.
 
Thank You for that..What I am querying is if it is actually possible for our contracts to be returned and their mortgage drawn down and forwarded to our solicitor in that space of time.(2 days)I'm hoping the answer is no as up until signing we have had no formal commitment that sale will not fall through other than a booking deposit.We have already had sale agreeds fall through so this time we did not want to commit to a rental property (planning to rent for a while) until contracts signed but i expected a window of more than a few days between signing and closing.
 
It's extremely unlikely. Average would be 4 weeks.

BTW- the closing date is not up to the purchaser- it is to be agreed by both parties. Simply tell the auctioneer that you cannot close on the Friday and you need 2-3 weeks. He should then negotiate with the buyers.
 
Assuming it's a cash buyer, three and a half weeks, I'd say.

If it's a non-cash buyer with mortgage approval, maybe two months.

Given the current climate, close the sale ASAP: you can't really set a closing date until the buyer's solicitor is "in funds".
 
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