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contract
dannyp123
Posts: 29 Forumite
I'm a first time buyer, and got my offer accepted couple of weeks back. My solicitor says that he waiting for the contract from the seller without that they will not start other process like legal searches etc. Is it common?
And what is this contract exactly? After signing the contract the property deal is over and the owner can still back track??
And what is this contract exactly? After signing the contract the property deal is over and the owner can still back track??
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Comments
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The contract is what makes the purchase legally bing.... once it is signed by both sides and 'Exchanged'.
It will specify the price, various other things, and the date 'Completion' is to take place.
The seller drafts it(well, his solicitor). The buyer checks/reviews/amnds it. Once it is agreed, each party signes it.
Then when everything else is ready (searches, mortgage etc), it is 'exchanged'.
Go to the library and borrow a book (free) on house buying - it will explain everything that happens in the next 2 months.0 -
The contract is what makes the purchase legally binding.... once it is signed by both sides and 'Exchanged'.
It will specify the price, various other things, and the date 'Completion' is to take place.
Sorry to hijack your thread - but should I be concerned that the completion date wasn't on the contract I've signed? We've not exchanged yet, but I've sent deposit and fees to solicitor and sent back signed contract, yet no completion date has been discussed.0 -
lil_miss_insanity wrote: »Sorry to hijack your thread - but should I be concerned that the completion date wasn't on the contract I've signed? We've not exchanged yet, but I've sent deposit and fees to solicitor and sent back signed contract, yet no completion date has been discussed.
No, it'll be added later (agreed upon before exchange by everyone in chain - only when mutually confirmed will it be added).
Jx2024 wins: *must start comping again!*0 -
In many cases, a local search can't be done without a plan and the plan comes with the daft contract from the vendor's solicitor. Ergo, things get held up when the issue of the draft contract is slow.
There can be reasons for this, if the solicitor is having difficulty getting info from the vendor, perhaps?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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