What happens if vendor wants to pull out of sale

A

Ann-Marie

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Ok a friend of mine has been waiting to move into her house months now she is on her bridging loan and has to be out of her house this week and just got word that the seller wants to pull out of the sale

1. the contracts are signed and deposit is paid
2. 28 day court order was sent to vendor and now they want to pull out
can they do this i taught it was legally binded and had to sell the house once the contracts are signed

3. if he decides to pull out does this mean he will have to compensate her?

sorry for all the questions
 
If the contracts are signed by both parties she does has leverage, a stinking letter from her solicitor is now required , faxed over today with copy to follow by post.

At a minimum she can hold them to her consequential losses .

At a maximum she can force them out and also get compsnsation.

This is what solicitors get paid to do so set them on the vendor.
 
Im no solicitor but i would say that your friend has a signed contract for the purchase of this house. It may take some time and money to enforce but if the your friend documents all costs invloved with delay (from agreed completion date....ensure that your friend serves notice to complete immediately) . they may have to sue for these losses but it seems pretty cut and dry to me. is this not what a contract is for?
 
exactly i taught once the contracts were signed they couldnt back out. Ive went through a similar situation last year where we were gazumped not a nice situation and when it started to drag on i told them to make sure the contract is signed and the solicitor said yes. thats how we lost our house because the contracts were not signed but i taught it would be diffent for them seems that the contracts are signed.
 
PINK said:
Ok a friend of mine has been waiting to move into her house months now she is on her bridging loan and has to be out of her house this week and just got word that the seller wants to pull out of the sale

1. the contracts are signed and deposit is paid
2. 28 day court order was sent to vendor and now they want to pull out
can they do this i taught it was legally binded and had to sell the house once the contracts are signed

3. if he decides to pull out does this mean he will have to compensate her?

sorry for all the questions
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It will be the vendors out of a house, not your friend. Might also let the vendor know, that with the Ryder cup coming up hotel spaces are at a premium and that the vendors will incur the costs
 
I don't think it is cut and dry at all.

I have seen comment in this thread that contracts are signed (and deposit paid by the buyer) , but I did not see a statement that the vendor has signed the contracts. Until the latter is the case, there is no contractually binding agreement.
 
If the contracts are signed by both parties
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2Pack : I know, I saw your comment, but subsequent posts seem to be based on the assumption that in this case, they have both signed. I'm merely pointing out that no evidence of such has been posted.
 
PINK said:
Ok a friend of mine has been waiting to move into her house months now she is on her bridging loan and has to be out of her house this week and just got word that the seller wants to pull out of the sale

1. the contracts are signed and deposit is paid
2. 28 day court order was sent to vendor and now they want to pull out
can they do this i taught it was legally binded and had to sell the house once the contracts are signed

3. if he decides to pull out does this mean he will have to compensate her?

sorry for all the questions
Click to expand...
 
nt00deep said:
2Pack : I know, I saw your comment, but subsequent posts seem to be based on the assumption that in this case, they have both signed. I'm merely pointing out that no evidence of such has been posted.
Click to expand...

Yes, I'm assuming that both parties have signed contracts. If not, I suspect the purchasers solicitor would have informed them of their position. However, the vendors may informed the purchasers the contracts have been signed, but they may have not been exchanged. The vendors are entitled to instruct their solicitor to shred the contracts if they haven't been exchanged. I feel for your friends.
 
I am in a position where the vendor has suddenly decided they want to pull out of the sale. We have been ready to exchange since last week but they have put it off, Is there anything we can do? We have already spent a lot of time and money on this sale...
 
Are contracts signed and exchanged and a deposit paid? Yes or no?

If no, you have no deal and no legal standing.

If yes, you can compel the vendor to sell.

mf
 
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