When is it a done deed?

[Lauren]

I'm signing contracts for the purchase of property next week and hoping to close after Christmas. At what point is the point of no return? Can the vendor change his mind after I sign the contracts?

 

[MAJJ]

My brother had signed contracts i.e. both buyer and seller have signed the contracts and a closing date is in the contract. That closing date had come and gone and over a month has passed. He really wants the house but has to wait on the other party to move out. I believe his only other option is to sue for breach of contract.

On the flip side I went through all this last week and have just moved in so it's not all bad

 

[mf1]

I'm signing contracts for the purchase of property next week and hoping to close after Christmas. At what point is the point of no return? Can the vendor change his mind after I sign the contracts?

In theory - the point of no return is when both vendor and purchaser have signed the contracts, exchanged the contracts and the full agreed deposit has been paid.

In practice, its only a done deed when you physically take possession of the house on the closing day, when the vendors have packed up and moved out and after you've managed to wrestle your loan cheque from your lending institution to complete. Because anything can go wrong and very often does.

mf