If the vendor has signed the documents for sale of a house, and the purchaser just decides to hold them (maybe to find out what will happen with the government deciding to rescind stamp duty) or whatever reason, what position does the vendor have? Is there a period of time before their signing of the documents is void?
Why would a vendor sign the contract of sale before the purchaser has returned their signed copy which includes any additional conditions they have put forward and agreed?
The normal process is the purchaser signs first, then the vendor, so I can't say I've ever seen this happen. If it's been done the other way around for some weird reason, then I imagine the vendor could rescind the contract at any time prior to the purchaser signing. A contract is only formed once both parties have agreed to it. If one party refuses to sign, then there isn't really a contract in place. There might be a verbal contract, but this is difficult to enforce.
You could however tell them there are other parties and it would be in their best interest to sign ASAP if they're legit. Normally, a buyer holding back is as good as gone though....normally.
What did your selling agent say? I have seen contract docos pre-signed by the vendor but the agent has obviously not let us take it home or anything!!! The Y-man
If you signed and they have a signed copy you may have a problem. Along comes a identical offer and you take that. Then find the other signs. You now have two contracts one property. (assuming both pay a deposit to the agent which would be unlikely for a agent to accept...But they could by mistake) You likely need to end the belief they can sign by giving them a expiry period. ie Sign in 24 hours
You should seek legal advice about withdrawing your offer - there is no contract until the offer is accepted and no enforceable contract unless it is in writing
ive done this as a purchaser a few times, without any real reason, if I recall, every time it was the agent who initiated it so that they could get the contract signed as quick as possible but yes, if the buyer signs second, then they have all the power, and can cause problems if they wanted to
I think it was when the vendor was overseas/unreachable or something, so they left signed papers with the agent. The Y-man
that is/was my assumption, usually when communication is hard with the vendor for whatever reason, or when its a family member etc doing the sale on behalf
Doesn't a sale contract have to be witnessed and dated ? I wouldn't worry at all Should another offer be made and agreed to (with witnesses, mails to verify time and date) then the party playing games can "go find something else" I wouldn't even bother contacting or entertaining them any further I would only sign another sale document only after a purchaser signs next attempt I'd also be having stern words with the selling agent Good luck
Take control. Give written instruction to the agent that your signed contract is withdrawn and is no longer a offer. And ask they confirm that this was communicated. This is ammo for the agent to shake the proposed buyer and may prompt them to do one of two things rather than just stall.
This is what we did when a vendor was playing games with our signed, and countersigned contract. Our potential purchaser was having such fun, asking the agent around to sign and lock the price in (he'd offered, we'd countered and all he had to do was initial the counter to make it binding). Once agent got to his house, he'd say "I might sign it tonight, might not, depends how I feel". No signature two nights in a row from memory. He was having such fun, and hopefully he really did want the house, because we pulled it from under him. We asked the agent to ensure this joker was advised in writing and in person and via email that we are withdrawing the contract and do not wish to deal with him. (He was a lawyer, so knew exactly what he was doing.)
All good, they signed at the beginning of the week. Evidently they were waiting on legal issues as a divorce is involved.We thought the Re had signed document on vendor's behalf but he was horrified and said he would never do that.
Good to know but is there a reason the vendor signed the Contract before the buyers? It's most unusual
