This might not be as serious as you think it all depends. In many cases buyers are more concerned that their purchase of the property is secured. That is contracts are signed. As per RedOnion. Talk to the legal be upfront and all will work out.ISale agreed and buyers ready to sign but want a closing date in contract. Moving to a new build so I can’t give one until I get my own, apparently mid Summer though subject to change due to nature of new builds.. What’s the usual practice in this situ? Should I just put mine back on market if buyers won’t sign without one?
Yes it was made very clear upfront and agent knew the score with my own but it’s buyers solicitor insisting on a closing date before signature which I just can’t provide yet cos i haven’t got one. Could I suggest a date in 6 months time and then bring forward?Was this not made clear up-front?
Would you not talk to the estate agent you used to sell the house?
I would be annoyed if I agreed to buy a house and was later told that it would be closed at some uncertain time in the future.
However, in some cases, I might not be too worried.
Brendan
Did they sign the contract on this basis without a date?I agree with the observations above, and can recount our experience from the mid '00s.
We explained, through our Solicitor, to our prospective purchasers that our new house was under construction and we therefore needed some flexibility regarding a closing date.
By being completely open and straight with the purchasers we ended up being sale agreed, with deposit paid, in September, but didn't close until the following July.
I should add our purchasers were buying to let, so that presumably helped in our situation.
They already have a subject to loan clause too so don’t understand why they want it all their own way, particularly when I was upfront about this from the start.You need to ask your solicitor to advise you here. It's not a common situation, but its not unique euther. In Ireland there is no legal mechanism to establish a 'chain' of purchases like exists in the UK.
The purchasers solicitor will be advising them not to sign without a date. But sometimes a compromise can be reached by adding a back stop date, giving the purchasers thd right to rescind the contract if if not closed by a certain date, but their solicitor will want to add additional causes around mortgage, etc.
Another option is that you only sign contracts when thd move in date for you is known, which leaves everyone in limbo.
Talk to your solicitor.
You could hedge your bets & insert a safe date like 30August or 30September. You will incur mortgage costs but if it means you secure the sale it may be worth it to you. You may also communicate the situation to the buyer in the sense that say 30 August is the latest date but it may be sooner. You never know they may be willing to accomadate you if they like the house enough.Sale agreed and buyers ready to sign but want a closing date in contract. Moving to a new build so I can’t give one until I get my own, apparently mid Summer though subject to change due to nature of new builds.. What’s the usual practice in this situ? Should I just put mine back on market if buyers won’t sign without one?
Yes, you could.Could I suggest a date in 6 months time and then bring forward?
That would expose them to downside risk on market movement, their solicitor should not let them sign such a contract.You could maybe ask them to sign with date TBC and don't countersign until a firm date is known? That way at least you have the committment but they can walk away if things go on too long.
FWIW I did this last year. Bought a house in January (contracts signed by both parties) but they would not be ready to leave until September, so that’s the closing date that was on the contract. In the end they were ready to leave in July, so we moved it forward. For the reasons stated above, I would never have agreed to this long of a wait without the September date being in the contract and it being counter-signed.Could I suggest a date in 6 months time and then bring forward?
Fair enough, but I guess it depends on how badly they want the house. If as the OP said they knew the situation why enter into the sale at all?That would expose them to downside risk on market movement, their solicitor should not let them sign such a contract.
It happens more than anyone would like but sales fall through, even for new builds.
Hi. Mustang,Did they sign the contract on this basis without a date?
Good to know thanks, maybe they might be amenable to something like this.FWIW I did this last year. Bought a house in January (contracts signed by both parties) but they would not be ready to leave until September, so that’s the closing date that was on the contract. In the end they were ready to leave in July, so we moved it forward. For the reasons stated above, I would never have agreed to this long of a wait without the September date being in the contract and it being counter-signed.
Exactly.Fair enough, but I guess it depends on how badly they want the house. If as the OP said they knew the situation why enter into the sale at all?
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