Closing of sale

[Art]

A friend was due to close a sale last Friday, having signed contracts about 3 weeks ago. Unfortunately the various documentation was not in place and it looks as if it will be early next week before it closes. The vendor is freaking out and my friend is starting to get worried that she may pull out. He have been told by the auctioneer that she has signed contracts. However there is no way that this can be proven. He is therefore wondering if she can pull out at this late stage due to the delay in closing the sale?? Does anyone have any ideas on this???

 

[mf1]

"He is therefore wondering if she can pull out at this late stage due to the delay in closing the sale?? "

So - he doesn't have a signed contract. This is the wording we use when dealing with contracts in the preliminary exchanges:

"Please note that we do not have any authority either express or implied to bind our clients in any way and we must emphasise that neither this correspondence nor any negotiations had between our clients shall constitute a note or memorandum within the meaning of the Statute of Frauds until such time as both contracts are signed, exchanged and a full deposit is paid."

Technically, and in the absence of any other information , she could pull out.

However, practically speaking, where is Vendor going to find another purchaser who can complete as quickly as your friend?

mf

 

[Art]

Thanks for that MF1. As far as he is aware she has signed a contract and the 10% booking deposit was handed over when he signed contracts and the cheque was cashed by her solicitor. However notwithstanding this he has no proof that she signed the contracts and she may decide to turn around and say this if the closing is delayed any further.

The reason he is panicking so much is that he believes he underpaid for the house and she may decide now to put it back on the market again. It is an executor sale so there is no rush to sell...