Exhanging contracts.

snoop2008

Afternoon peeps


Can some one kindly explain to me if this right please.


Mum is in a chain of 3. The signing of contracts is today. Her buyers lawyer had a few last questions for my mum, regarding a few issues on her house. She explained there was a manhole in her kitchen built over by the kitchen extension before she bought the house about 30 years ago. She now feels her buyer may have pulled out but her agent says not everyone needs to sign contracts on the same day.


Is this correct information please. She has not heard from her lawyer yet. Her buyers are aware of the issue when they visited the house a few months ago.


Thanks

sleepymans

Often the lender has an issue, rather than the buyer. It can beggar everything up

SalsaDanca

Signing contracts isn't the same thing as exchanging contracts. Your solicitor probably thinks that almost all the questions about your Mum's purchase have been answered, so your Mum has been invited in to sign contracts (and possibly so that the solicitor can explain the results of the searches and questions to the seller). The solicitor will then keep the signed contract on file until everyone is ready to exchange contracts.

G_M

'Signing' is not the same as 'exchanging'.

Buyers and sellers can physically sign well in advance. Their solicitors then hold the signed (but undated) contracts safely for them, ready to exchange when everyone is ready.

So, no. They don't need to sign on the same day.


If they have not actually 'Exchanged', then anyone can still pull out.

Tiglet2

Tell your mum not to worry. Solicitors now routinely send out the contracts for signature and return in order to hold them on file while the last minute enquiries are dealt with, so yes the agent is right that not everyone signs contracts on the same day. The signed contract can sit on the file for weeks before exchange actually takes place.

Of course, your mum's buyers could potentially pull out any time up to exchange without penalty (other than their costs to date).

dunroving

My solicitor exchanged contracts almost 8 weeks after I signed it ....

snoop2008

Phew, thanks everyone. I didn't understand the difference between signing a contract and exchange contract. Wow you folks really are great at what you do!! Poor thing is worried now that her buyer might pull out.. cross my fingers all goes well.


Cheers everyone!!