If the completion date is next Wednesday and we have to be out of the house by Wednesday, why is he saying we?

Question

won't get our money until 3 days after? We are not purchasing another property and I think he's taking liberties but I could be completly wrong.

You don't buy a car and pay for it 3 days later, I don't understand his way of thinking. Surely once the mortgage gets paid off so should we. Everyone keeps telling me to stay in the house until the money is through.

Answer 1

You do well to question this. For property transactions there is a special system called CHAPS for payment to go through the solicitor's account on the same day. http://72.14.253.104/search?q=cache:MRMbEndSi9oJ:www.financial-ombudsman.org.uk/publications/ombudsman-news/42/42.pdf+payment+of+money+for+purchase+of+house+england&hl=en&gl=us&ct=clnk&cd=4 There seems no justification, therefore, for holding onto your money. What's more, Saturday is not a day when the banks are open, so what is meant by three days later?

Answer 2

Everyone is right. Your purchaser is taking liberties. Whether you're buying something else or not is irrelevant.

Check the terms of the sale contract which you have signed. Normally You (or your agent) don't hand over the keys until you have the money credited to your account, i.e. actually IN there.

If you haven't signed yet then read the contract VERY carefully and don't sign it if there is any delay whatsoever in you getting paid, whatever reason they give you. This is abnormal and It would be VERY risky and you could end up with no house and no money.

This is the solicitor's job to sort out. If they don't get you your money before the completion time then pull out immediately and sell to someone else. If it's too late for that then report the matter to the Law Society straight way because you have been badly served by the lawyer.

Answer 3

Contact the attorney that is handling your close.

I would not leave the property nor sign off on anything until the money is in your hands.

What happens if the money doesn't hit your account and you hand over the keys? Good luck on getting him out.

If you do not have an attorney handling the close, contact the title company. The title company will know when the funds have been received by the buyer.

Don't let the buyer push you around. When we purchased our house, the seller / builder tried to pull stuff like this. We had wanted to hold back on funds as there were still items not completed. He told us that if we did, he would walk and we'd lose our money. Of course, the house was getting ready to be foreclosed on and the seller/builder and dual agency realtor left out this little tidbit of info. We went ahead with the close and sure enough, we had to sue the seller/builder a year and an additional $10,000 plus later.

Protect yourself!

Answer 4

Whose saying you wont get your money. I'm assuming youve gone through a solicitor in which case the solicitors acting for your buyers should pay your solicitors on the day of completion and the mortgage should be paid off that day and awau you go.

As you say, the day of completion is the day you have to move out and all monies are paid over. You can't stay in the house until the money is through.

Most transactions through a solicitor involve a bank transfer (apparently cleared funds) so there's no waiting for cheques etc to clear.
I'd get in touch with your solicitor if i were you and get it sorted.

Answer 5

Can't speak for UK, but in US, the buyer pays any money which they are not borrowing on the closing or completion date. Then the buyer's loan has to be "funded" (paid out) by the new mortgage company, which usually happens within 1 to 2 business days. All funds from the buyer and their lender are paid to the closing attorney. The closing attorney will immediately either wire or mail the money you are owed as soon as they receive the money from the lender. So usually you actually get paid in 2 or 3 days.
The BUYER pays their share at closing, and OWNERSHIP transfers the day of closing. You can't stay unless you have written permission from the new owner. If you can't afford to move until you receive the money (which happens often enough) then you need to ask NOW and get written permission to occupy the property after closing for a set number of days.

Answer 6

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Answer 7

In the UK most transactions of this nature are conducted via a solicitor. The solicitor should ensure that the monies are moved instantly in the right direction by Telephonic Transfer. This way you DO NOT move out until the money is actually in your account.

Answer 8

I assume he's not paying cash? I guess he's taking into account the 3 days it takes for a cheque to clear. I still wouldn't hand over the keys 'til you've seen the dosh appear in your bank. Ask for the cheque 3 days earlier, and you've no probs anyway.

Answer 9

If you give this guy the keys then you are a suckker as he will automatically have squatting rights and you handed them to him. Dont do it do you really care what his guy thinks of you. Tell him you ve taken it under advice and been told not to complete till you get the money in your account or hand or whatever.

Answer 10

When we purchased our property the money changed hands same day.I would not let him move in or sign a contract untill he has the money to pay you.Good Luck