Signing contracts

[irishguy]

Can anyone tell me do the vendors sign the contracts before they are sent to the buyers solicitors, or is it the other way round?

 

[chlipps]

in my case it was vendors first but maybe that has all changed since i bought 9-10 yrs back

 

[mf1]

Can anyone tell me do the vendors sign the contracts before they are sent to the buyers solicitors, or is it the other way round?

It is always purchasers first. It would only be in very exceptional circumstances that a vendor would sign first.

mf

 

[irishguy]

It is always purchasers first. It would only be in very exceptional circumstances that a vendor would sign first.

mf

So there is a period of time where I am committed to the purchase, but they are not. I am assuming that they sign the contracts pretty quickly (normally)

 

[mf1]

There can be a time lag - so much depends on the parties' particular circumstances.

There are a number of things you can do to safeguard your situation - if you feel threatened.

Sign contracts but make it a condition that Vendors sign contracts within X days/ weeks. Or if contracts are not signed within a certain period, advise vendors that you are pulling out.

Even in todays climate, when you would have thought that Vendors would be desperate to find and keep a purchaser, it can be the case that Vendors still are trying to tie in a sale and purchase which can be quite tricky. This might explain a Vendors reluctance to sign contracts.

mf