Home Buyers Guide

Chapter 1: The 10 Steps to Buying Your First Home:

8: Sign Contracts / Get an estimated Closing Date

As soon as the letter of offer is issued and the property survey is completed, you should arrange with your solicitor to sign contracts.

At this stage you’ll have to pay the balance of the deposit through your solicitor (which along with the booking deposit you've already paid, usually adds up to 8% - 10% of the property price).

When you sign contracts, you are committing yourself to the purchase, and if you pull out of the purchase after this date, you are at risk of losing your deposit.

The Estate Agent should now give you an estimated completion date, when all things going well, you'll receive the keys!!

Inform your solicitor and mortgage broker when you expect to complete the purchase so they can ensure that they have their work completed in time.

It’s important to remember that the estimated completion date is only an estimated date. House purchases often
drag on past the projected completion date, so if you are planning on giving notice to your landlord, allow some extra time for delays.

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