PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Exhanging contracts.

Options
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

Comments

  • sleepymans
    sleepymans Posts: 912 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Often the lender has an issue, rather than the buyer. It can beggar everything up
    :A Goddess :A
  • SalsaDanca
    SalsaDanca Posts: 434 Forumite
    Part of the Furniture 100 Posts
    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
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 21 May 2018 at 6:28PM
    '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
    Tiglet2 Posts: 2,659 Forumite
    Seventh Anniversary 1,000 Posts Photogenic Name Dropper
    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
    dunroving Posts: 1,903 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    My solicitor exchanged contracts almost 8 weeks after I signed it ....
    (Nearly) dunroving
  • snoop2008
    snoop2008 Posts: 611 Forumite
    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!!
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.