Day before completion & vendor has not signed contract - Help

Doozergirl

Guys, The OP can't possibly have exchanged if the vendor hasn't signed the contract!

Doozergirl

kazam401 wrote: »

This still leave the worry of the financial losses which I will incurr if it all goes belly up.

No body got any advice regarding this?

Yes, you cross that bridge when you come to it.

Although crossing it simply entails kissing the money goodbye.

but we're not at that bridge yet, so try to stay calm and think positive.

This is the problem with trying to exchange and complete on the same day - there is no leeway for error at all. Plus it's Friday, so nothing happens for another three days.

G_M

Doozergirl wrote: »

Guys, The OP can't possibly have exchanged if the vendor hasn't signed the contract!

I tend to agree except the OP says:

Tomorrow is completion day 24th June :-) yippee ...

My guess however is that you are right and the OP does not understand what Exchange means and what Completion means.

kazam401

"Have contracts been exchanged"

Well after todays phone call - I presume not :-(

What I am finding hard to get my head round is the fact that a sale can be agreed - all the legal stuff can be sorted & paid for (by me) yet if the vendor changes her mind for whatever reason she just walks away scot free :-(

Just to let you all know this house purchase has been going on for some 15 weeks now - 15 weeks since offer accepted.

kazam401

G_M wrote: »

My guess however is that you are right and the OP does not understand what Exchange means and what Completion means.

Yes you are correct in that assumption I thought they were one & the same

Doozergirl

Okay, three minutes in and I'm already wound up that the 'thanks' button has disappeared.

You just can't get the staff these days...

kazam401

Annisele wrote: »

If you haven't exchanged, then the financial losses you will incur if it all goes belly up are your problem - the vendor has no liability to you.

Surely in this day & age - a deal is a deal, we seem to be able to take anyone to small claims over any trivial matter but when it comes to buying a house different rules apply.

The vendor just seems to be having a hissy fit for what reason I just do not know - now whether breaks the deal or not - I still cannot fathom how I should be severly out of pocket because thats what she wants :-(

ruggedtoast

kazam401 wrote: »

Yes you are correct in that assumption I thought they were one & the same

I am afraid you may have to put this down to experience. I strongly suggest you spend thirty minutes or so reading up about house buying next time. It will pay dividends in the future.

ILW

kazam401 wrote: »

Surely in this day & age - a deal is a deal, we seem to be able to take anyone to small claims over any trivial matter but when it comes to buying a house different rules apply.

The vendor just seems to be having a hissy fit for what reason I just do not know - now whether breaks the deal or not - I still cannot fathom how I should be severly out of pocket because thats what she wants :-(

The thing is that until contracts are exchanged, there is no deal.
One person signing a contract does not bind the other to it.

KateLiana27

It's a bad system, I agree. Personally I think the rule should be that if a seller pulls out, they have to bear the buyer's costs made in good faith to that date, and vice versa. Can't see it happening any time soon though.