Buying House - Contracts Signed - Vendors delaying closing date

We are buying a second hand house. Contracts were signed and exchanged with a long enough closing date on request of vendor. The sale was due to close this week, but the vendor has demanded further extension to the closing date. We are still hopeful of closing in 2013 but, given the delays to date, we recognise that this may not happen.

In the event that the sale does not close in 2013, do we have any rights/comeback? Our main concern is that if the sale does not close in 2013 we will become liable for three years of property tax, which thanks to the loophole, we would not otherwise we liable for.

It seems that buyers have very little protection once the contracts are signed. Is this really the case?

Thanks

Funnily enough, our daughter experienced the exact same situation, where the vendors dragged on and on. In her case the vendors, who have emigrated to the US, simply did not understand the extent of the problems in the housing market here, (they are left Ireland 4 or 5 years, and they had the property rented out).

In this particular case, the Bank played a major role in the delay, where the vendor's solicitors kept our solicitors completely up to speed. Each time they sent over the required amount to clear the mortgage, the Bank wanted more due to another day and another day of delays etc. Fact was the sale price was below the mortgage amount. When our daughter dug her heels in and told them that if they didn't complete, she would have to rent another property and no matter what was to happen in price increases etc they would have to sell the property to her and she would deduct he rental costs and storage costs off the price. So they came up with the money and completion took place after a long, very long delay.

Not particularly nice people but they came up to the mark. Completion happened and daughter now in new home.

In reality the state of the Irish housing market and lack of willingness on the Bank's side to deal with problems, remains a very clear realism as to why many many emigrants will never ever set foot back to the home turf. They'll come home for the crack but never again for the hassle of dealing with the Irish Banks.

As witness to the fate of others, it really is not that easy out there. Again I say and firmly believe it true, the collapse of Ireland and its people, was created and caused in total 100% by the Financial Institutions, not the Politicians.

When were the contracts signed roughly? Does it have a closing date? Why are they requesting an extension?

Has your solicitor outlined to you your rights? Not sure if you can now rescind the contract, but threatening to do so might knock some sense into people. Are they holding out for Xmas?

Sorry for taking so long to reply. I'm completely consumed by stress at this stage. Still hopeful that we might close before Christmas, but if we do it will be no thanks to their solicitor who has been unbelievably uncooperative and bordering on incompetent.

We could pull out of the contract, as there is a defect relating to the title which their solicitor refused to address, but their boot of a solicitor made it very clear that she didn't give a fiddlers if we decided to do so :-( I'm not sure that her clients would feel the same....

Don't want to say too much now in case I put the closing in jeopardy. Will update when / if we manage to close.

Shame we don't move to the US system where, to the best of my knowledge, solicitors / attorneys are not involved in property transactions....