What happens after signing contracts?

O

OhPinchy

Guest
Our solicitor is away on holidays for a week from today. We are signing contracts with her assistant tomorrow. Assitant will then send contracts to the vendors' solicitors.

What happens next - what other steps are involved and what are the usual timelines for these?
 
You pay your deposit ( or balance less booking deposit ) and sign contracts. Your solicitor then sends signed contracts to vendors solicitor with deposit. Vendor is then to sign and once he/she signs, a valid contract is in place and not before then, and one part contract is sent back to your solicitor. YOur solicitor has no control over when or if the vendor signs- so if there is a delay, you should contact the auctioneer. Once there is a valid contract, your solicitor will raise requisitions on title- a very long list of queries on title,which the vendor will answer through his/her solicitor.Once all is in order, your solicitor will arrange searches to be done for the closing date and will exchange the balance of purchase monies for the closing documents. In the interim, if you have a mortgage you should ensure that you have everything in place to allow loan cheque to be availalble to your solicitor on closing.
 
Contracts

Hi
I signed contracts recently and at the last minute the vendor pulled out for some unknown reason. I have lost money on this - surveyors, solicitors fees, search fees etc. Do I have any comeback in terms of the lost money?

I would appreciate any comments on this.

Thanks

Matt
 
Re: Contracts

Do I have any comeback in terms of the lost money?

Afraid not, Matt

As Vanilla says above,

Vendor is then to sign and once he/she signs, a valid contract is in place and not before then.....


mf
 
Re: Contracts

If the vendor had not signed contracts then unfortunately you have no comeback.
 
Contracts

Thanks for the replies - the bad news I expected.

Thanks anyway

Matt
 
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