Who signs vendor contracts in a receiver sale?

[coolaboola12]

Hi guys

Quick question

Just signed contracts on a house being sold by a receiver for Ulster bank

When we were bidding , Ulster bank committee has to meet and decide whether to accept our bid , once it was accepted then everything has been through the receiver . It's the receivers name on the contracts also , not the banks

My question is will the contracts have to be signed by just receiver or receiver and the bank ? I thought it would be just receiver but I have read stories of people buying from nama where the contracts had to be signed by receiver and nama . This obviously would put a big delay on things and with a 4 week close date from their signing , our mortgage approval will be close to expiring

Any ideas ?

 

[Brendan Burgess]

I am guessing that the receiver will actually sign the contracts.

But he won't do so until he has approval in writing from Ulster Bank. I assume that he would not issue contracts without their approval in advance.

Brendan

 

[coolaboola12]

hmmm ok , in that case the whole thing should happen fairly quickly. The receiver already gave us a letter saying that UB accept our offer (solicitor wanted this letter a while back for our lender) so it seems the receiver can sign and act on behalf of the bank. I suppose once UB accept the offer then there is no reason why it would have to go back to the committee again and they hand over the rest of the work to the receiver.