Due to close - what if it doesnt happen

Niall M

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We are "due" to close our house purchase tomm, still waiting on cheque to issue from mortgage company, its supposed to come in the morning. What happens if it doesnt close tomm, does it just move to the next day. I imagine the seller wont be too happy.
 
Yes it will move to another day, provided your cheque issues. Do you have a clause in your contract to the effect you can walk away from transaction in the event the bank don't issue the loan cheque?
 
We are "due" to close our house purchase tomm, still waiting on cheque to issue from mortgage company, its supposed to come in the morning. What happens if it doesnt close tomm, does it just move to the next day. I imagine the seller wont be too happy.

Most solicitors are working on the basis that you need to have the loan cheque actually issued before fixing a closing date.
From either a vendor or purchaser's perspective it's not ideal but, unfortunately, in these uncertain times, getting the transaction over the line, at all, is all about hassle.

The only time it is not a hassle is when the house is vacant so the vendor is not trying to tie in a move with a new purchase and, unlikely, the purchaser is in funds.

mf
 
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