have to say in this case the solicitor is really at fault they shouldn't have let them sign without full arrangments in place, they would have lost 38,000 euro deposit which is a huge amount of money. fingers crossed the solicitor doesn't call today with any problems, the house is lovely and clean and all set for them.
Contracts signed closing set Buyers trying to pull out
- Thread starter pc7
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really glad its working out for you and after all the stress the purchasers have caused you you are still leaving the place nice and clean for them. May you get good karma for that.
Just a wee thing, provided their solicitor advised them to get things in order in time then while it may be convenient for the solicitor to be blamed by them the purchasers are not babies but adults who have a duty to get their act together. Surely they knew the closing date was approaching and that they needed to get the money and needed to sort that out or did they expect their solicitor their broker and their bank manager to do all the donkey work for them and all they had to do was show up on the day full of smiles
P
panathon
Guest
I would really like to know how you got on? (In my experience you would not be entitled to their deposit whatsoever without litigation or a court case, they signed, you signed but contracts were not exchanged and so..) Am I right? deposits mean much as i have been advised by a barrister - I don't know what the point of them is in contract law - seems ridiculous - and I was on the opposite side of the fence ie. I was the purchaser and vendor pulled out after 6 months withholding my cash, preventing me from getting a house on the market which rose (after my own case preparation) 12,000, with no comeback - only estoppel a hard thing to prove in court - anyone have any better knowledge on this? or is my barrister incorrect?
hi we had exchanged contracts and it was a week before closing the tried to pull out, according to our solicitor we would have been in full rights to keep the deposit as it had passed the point of no return. I still think they were chancing their arms thinking we'd agree to give it back, but once we wrote back sayin no, they reset the date. I'll post once its all done and dusted.
Our solicitor phoned, their solicitor now has the cheque and will close later today, so they weren't actually chancing their arm they really did sign without proper mortgage approval (scary stuff). So happily our solicitor will clear the bridging loan tomorrow! (banks are robbers!)
buyingabroad
Registered User
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Hi all,
Is it normal for a vendor to charge interest for a delay in closing a house sale? We agreed to close the sale of our place for last Monday week but it won't happen now until Friday, that's 2 weeks - the purchaser has a genuine reason for the delay. We served the usual 28 days completion notices, etc. We're incurring cost at the other side - equity bridging - and the contract allows us to charge 12% p.a. or €3-4k.
How would a court rule on this if we sued?
Thanks for your help.
B.
Is it normal for a vendor to charge interest for a delay in closing a house sale? We agreed to close the sale of our place for last Monday week but it won't happen now until Friday, that's 2 weeks - the purchaser has a genuine reason for the delay. We served the usual 28 days completion notices, etc. We're incurring cost at the other side - equity bridging - and the contract allows us to charge 12% p.a. or €3-4k.
How would a court rule on this if we sued?
Thanks for your help.
B.