timing between accepting verbal offer and signing contract of sale?

We recently verbally accepted an offer to purchase our property which was made on a Friday afternoon. The purchase is subject to the usual finance, building and pest inspection. As part of acceptance of the offer, I've requested for a 45 day settlement.

I know this is the limbo period where anything can happen and anyone can pull out since nothing has been signed. I queried our real estate agent on when they would be conducting the inspections - she's still waiting to hear back for an appointment and the contract is 'nearly finalised' - waiting on buyer's finance details as to who they will be going with. What's an acceptable period between a verbal acceptance and getting "stuff" done to get the contract signed?

It's been awhile since we've sold but when we were purchasers a couple of years ago, I don't remember it taking this long from offer acceptance to signing the contract... or is it my old age kicking in ?

 

No signature = no contract

You might speed them up by suggesting your offer is only open until 5pm on friday, for example - or this could put them away.

 

Thanks Terry, I thought that was the case!

 

No handshake so far sounds like..

Best to get contract exchanged/signed by both parties with relevant clauses such as building and pest, finance and clause expiry date..

In Vic, finance clause is normally 2 weeks and 7days to allow building and pest inspection (not a hard and fast rule)...

Cheers,

 

Tell the agent to keep marketing the property until a contract is signed and the deposit paid.
Marg

 

Thanks everyone for your input. I reached out to the agent requesting for it to be signed by Friday and I got a reply that the contract was sent to the purchaser's conveyancer today and they are signing the contract on Thursday and we'll do it Friday. Fingers crossed. I just didn't think it would usually be a week's turn around for it to eventuate.