contracts - what's the procedure

[sun_sparks]

Sorry all - this may well have been answered before, but I can't locate it.

We went sale agreed in Nov.

Contracts were sent to our solicitor for signing in late Nov, and even though the closing date had not yet been confirmed,we signed straight away. (In hindsight, I wouldn't rush again as it took the pressure off the vendors.)

After weeks of hassling them (via our solicitor) for a closing date, they finally gave one two weeks ago, and this was added to the contracts and sent over to them.

What is the next step? Do we need to receive the contracts back? How long should this take?

(The closing date is supposedly 13 Feb)

Thanks everyone.

 

[mf1]

"....................neither this correspondence nor any negotiations had between our clients shall constitute a note or memorandum within the meaning of the Statute of Frauds until such time as both contracts are signed, exchanged and a full deposit is paid."

This is the wording the solicitors use when dealing with sales/purchases until contracts are signed by both parties and exchanged. Until each side has a signed contract - signed by the other party - the deal is not binding. So until you have one signed contract back from Vendors...........
Do you think they are looking for another property and want to tie both deals in together?

Talk to your solicitor and see how(if?) you can nail the deal down.


mf

 

[sun_sparks]

Thanks mf. I thought as much.

It's funny though - the estate agent told us the sellers "had builders in" to their next property, implying that it's most likely a new house (or if it's a second-hand property, then they've already closed?).

What would be the "normal" timeframe between sending the contracts for signing and us getting them back? How long before closing does this happen?

 

[mf1]

I think that at sale agreed stage the parties should both be clear about (a) price (b) contents if any to be included and (c) closing date. I think that estate agents are lazy about closing dates blithely telling the purchasers that "the solicitors will sort that out". Too often, the vendors are not ready to commit to the sale because they are looking for a new house and therefore cannot commit to either a closing date or even a sale!

Ideally, contracts can be signed and exchanged within 2-3 weeks of initial receipt with a closing date of 4-6 weeks being agreed. Too often though the contract from the vendor will be vague ( one I received yesterday: "the closing date will be when the Vendor's new house is ready - how is a purchaser supposed to plan on this vague idea?).

As I said above, both vendors and purchasers should be clear about their time frames. In practice, that is not what is happening.

mf