In a chain of sales...

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...do all exchanges and completions take place on the same date?

I realise this is a silly FTB question - sorry!

jbainbridge

Expand wrote: »

...do all exchanges and completions take place on the same date?

I realise this is a silly FTB question - sorry!

It's not a silly question - yes they do! Everyone gets to move at the same time.

Expand

Thanks, jbainbridge!

Proposed completion date of end of next week - already had one completion date fall through, so anxious to know everyone in the chain will be ready to go in time this time!

sirmosh

Expand wrote: »

...do all exchanges and completions take place on the same date?

I realise this is a silly FTB question - sorry!

You all exchange at the same time as once you've exchanged you're bound by law to buy/sell and if someone backed out everyone else would be up the creek without a paddle. Exchanging makes it practically impossible for someone to pull out.

Again you all complete at the same time, most people will need the proceeds of a sale to fund the purchase and of course if you completed at one end and not the other you'd have no where to live.

Richard_Webster

Exchanges in long chains take a bit longer because there are more people to be contacted to agree completion dates and then when everyone is ready the phone calls can be made to do the exchanges.