Oct 28, 2010 6:26 pm
Hello, we have sold our house and the contract has gone unconditional. It was not subject to the sale of the buyer's house, but their sale has now fallen through. We have a date now in the contract for settlement. Are they able to change the date of settlement, if we aren't agreeable? Can anything happen to jeopardize the contract now that it is unconditional? Any advise would be welcome!
Re: Unconditional Contract2
Oct 29, 2010 7:18 am
They are not able to change the contract date without your consent. If they don't settle you send then a notice to settle within 14 days. Your contract should have penalties written into it. Speak to your solicitor. If they don't settle they lose their 10% deposit.
Good luck. I hate selling so I just keep buying instead. .
Re: Unconditional Contract3
Oct 29, 2010 4:06 pm
if both parties agree you can change settlement dates forward and back.
the question you have to ask is, do you want this sale to go thru or not? if so let them push the settlement back untill there house sells.
if not don't change dates and you will probably find your house is back on the market in a couple of months because the buyer can't settle.
Re: Unconditional Contract5
Oct 30, 2010 1:14 pm
They're liable for penalties if they don't settle on the date specified. Your contract will spell it out.
Anyone who signs an unconditional contract when their existing house hasn't been sold unconditionally is a fool. You could play nice guy, but I bet you're waiting on the cash from the sale to fund your own new purchase.
Worst case scenario from your point of view: they pay you a penalty and you need to find another buyer. You don't want to be mucking around waiting if you're going to end up putting the house back on the market.
Whatever you decide will depend entirely on your own circumstances. Get some legal advice.
Built PD Bridgeport 35; moved in December 2008.
Moving on up
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