signing for a house you want to buy query!

[gina1960uk]

I'm not familiar with the buying and selling of houses. When all persons involved reach the point of signing there signatures is this the final stage of buying a house and you then receive the keys.

Is this exchanging contracts?

[Sammy Snake]

I'm no expert but when I bought my house, I went in and signed the contracts one afternoon and they were exchanged (and therefore I got the keys), 2 weeks later.

I think it could have been done sooner but the person I was buying from (a friend) asked for an extra week to move out and I was in no rush so agreed.  I think contracts would have been exchanged the following friday rather than 2 weeks later but still not the same day as I signed.

[gina1960uk]

Thanks Sammy you've made things much clearer for me now:)

[Jules001]

generally what happens, is you all sign the contracts in readiness for exchange. The day you sign is not generally the day that contracts are exchanged. The solicitors will then have a telephone conversation and say that they are exchanging and agree a completion date. The completion date is normally about 2 weeks after the exchange. You get the keys on completion.

[gina1960uk]

Thanks Jules for your respond understanding it a bit better now.

[brachiopod]

The contract is a 'Contract of Sale' between you and the vendor. It sets out the terms of the sale and point at which the exchange of monies, deeds, must be finalised or 'completed'. The completion date, which always occurs after the exchange of contracts, will be agreed by both parties at, or prior to, exchange.

Signing the contract in front of your solicitor in preparation for exchange, does not itself bind you (the buyer or vendor) to proceed with the sale. It is just so that your solicitor knows everything is ready-to-go and doesn't have to call you in to sign things at the last moment.

However, once the buyer and vendor (usually through their solicitors) have exchanged contracts, each party is commited to the sale and cannot pull out. Pulling out at this point can leave that party open to being sued for all costs the other party have incurred.

On 'Completion', all relevant monies are paid, the Deeds signed over and the new buyer can collect the keys.

The average time between exchange and completion is a week or two, though it is possible to exchange and complete on the same day.

[brachiopod]

Sorry jules, wasn't|

[gina1960uk]

Thanks Brachopod........much obliged

Gina:)

[gina1960uk]

Oops sorry Brachiopod