No question of that, they knew I was waiting on a new build that’s due to be ready sometime in the summer but no concrete date at the mo,Look at this from the buyers perspective. They don't want to sign a binding agreement and then risk you stringing them along for years risking that the market or their needs change significantly. Remember, if they are borrowing, they'd need to re-apply for mortgage approval if this drags on beyond their current approval period. They may be aware of potential changes to their circumstances and under pressure to close in advance.
Purchasers coming from rented accommodation will want to stop paying what they perceive as dead money ASAP and may be under pressure to vacate. Purchasers trading up or down may have prospective buyers lined up who are putting them under pressure to commit to a date.
The purchaser's solicitor is just doing their job here. No solicitor worth their salt will allow their client sign a completely open ended contract.
When a transaction is delayed, the industry-standard contract provides for a four- week notice before you can escalate. If consumer demand was predominantly for shorter notice periods, then the industry standard contract would reflect this demand.It seems that definitive closing dates are really wishful thinking on all sides. Sellers and purchasers who run into difficulties with the chain seem to be able to drag out the completion for weeks with the acquiescence of solicitors on both sides.
That's not so much a runner these days with the RTB and tenancies legislation.Other option is to sign a closing date with agreed rent to be paid to buyer after that date. So you close the deal on agreed date but don't give physical possession until you get the new home.
Well, it seems the vendor, or more likely the agent here has told the prospective purchasers that the sale will be ready tom complete mid-summer. All the purchasers and their solicitor are trying to do is put a date on that so it doesn't potentially drag on for years,Fair enough, but I guess it depends on how badly they want the house. If as the OP said they knew the situation why enter into the sale at all?
Fair enough if it's packaged as rent. It could however be packaged as an agreeed rolling late penalty or similar.That's not so much a runner these days with the RTB and tenancies legislation.
There is no chance that a solicitor will allow their client to buy a house without vacant possessionOther option is to sign a closing date with agreed rent to be paid to buyer after that date. So you close the deal on agreed date but don't give physical possession until you get the new home.