Signing today!

Dawnue1985

3&1/2 weeks ago we put a offer in and got it accepted.... Today we sign contracts and get keys Friday! After today could anything go wrong?? We have no intension to pull out to much pays to solicitor for a start! The reason I'm asking is that should we give notice on our rented property??
I always look on the dark side but if I'm right once we have signed that's it!!

4hours 30mins to go!:beer:

davidmcn

You want to actually exchange contracts before giving notice - which will be at some point after you sign, not necessarily the same day.

G_M

Signing the contract means nothing.

When are you hoping to Exchange contracts?

Cakeguts

Dawnue1985 wrote: »

3&1/2 weeks ago we put a offer in and got it accepted.... Today we sign contracts and get keys Friday! After today could anything go wrong?? We have no intension to pull out to much pays to solicitor for a start! The reason I'm asking is that should we give notice on our rented property??
I always look on the dark side but if I'm right once we have signed that's it!!

4hours 30mins to go!:beer:

Are you sure about getting the keys on Friday? What usually happens is that you sign the contracts and then wait until all the searches are completed. Then your solicitor and the solicitor for the seller exchange contracts. Do you know when exchange of contracts is likely to happen?

Is there a chain because if there is you have to all exchange contracts together. You get the keys at completion. The date of completion is usually decided at exchange of contracts unless it is happening on the same day.

Often you sign the contract months before you actually get the keys to move in.

moneyistooshorttomention

I think what OP means is "We are exchanging contracts today" and not "We are signing contracts today".

A very important difference - as we know.

But the comment about getting the keys Friday had me assuming she really means "Exchange".

To answer the point re giving notice - then...yep...give notice on your rented place as soon as both parties have "Exchanged Contracts". Just having signed contracts (without them having been Exchanged) still leaves you in a vulnerable position of the vendor might possibly let you down.

Cakeguts

moneyistooshorttomention wrote: »

I think what OP means is "We are exchanging contracts today" and not "We are signing contracts today".

A very important difference - as we know.

But the comment about getting the keys Friday had me assuming she really means "Exchange".

To answer the point re giving notice - then...yep...give notice on your rented place as soon as both parties have "Exchanged Contracts". Just having signed contracts (without them having been Exchanged) still leaves you in a vulnerable position of the vendor might possibly let you down.

It sounds right in timing though for signing contracts 3 1/2 weeks after offer accepted and much too soon for exchange of contracts.

Dawnue1985

We sign today and completion day on Friday....is this correct?? All searches are done nationwide are transfering monies on Thursday to our solicitor.

davidmcn

Dawnue1985 wrote: »

We sign today and completion day on Friday....is this correct??

We don't know! As above, it depends whether "signing today" means you're exchanging contracts today. Your solicitor can clarify that for you.

da_rule

If all the searches are complete and the funds have been requested then all that could go wrong would be if your lender did a last minute credit search and discovered anything. Or, the chain that your seller is in collapses and they cannot complete or they'd be homeless.

Mickygg

OP you sound confused. Rather than asking here but we can't answer based on the limited info you give, pick up the phone and ask your solicitor.
I'll bet an orange though you mean you are signing the contract which is completely different to exchange.

G_M

It continues to amaze me that people will commit to a multi-hundred-thousand contract without understanding what they are doing....