Vendor not signing contracts

[nk14]

hi

we have signed contracts and returned to vendors but they have not returned signed contracts. This is dragging on and they sem to be delaying for some unknown reason.

can we rescind our contracts and get a refund of our booking deposit (this is the only deposit we have paid over) without any repercussions

my solr is tied up today and i would like some feedback re this is possible

thanks in advance

 

[mf1]

It is likely that they are trying to tie in two transactions and want to make sure their purchase ties in with their sale. You can issue a deadline to them through your solicitor after which if contracts are not signed and returned that you are ending any contractual relationship, will cancel your contract deposit cheque and will require the return of your booking deposit.

Its a sign of the times.


mf

 

[nk14]

thanks mf1

i just want to ensure that we can get out of this with no repercussions

 

[dewdrop]

no need to worry. you will get your deposit back. in view of present market conditions i would be surprised if vendor does not sign which is done through his/her solicitor. a word with the auctioneer involved might speed up matters. at least auctioneer should know reason for delay as he/she would also be anxious to close sale and collect fee