 Problems with our rented house? |
| My boyfriend and I moved into a rented house in January. From the start we had problems with it. They kept putting off the moving in date because things weren't finished etc and then when we did ... |
|
 How long does it take to get lies straightened out? |
| So I bought property thinking it had 2 1/2 acres and the house built in 1964. Only to find out day after closing that there is 1/2 acrea missing and house was built in 57. I go to my agent for help ... |
|
 I own a house ($2500 mortgage). My girlfriend is moving in. How much, if any, should she pay in rent? |
| She currently pays $800 a month for her apartment. My home is 3bed/2bath and we would be sharing a room. Do girlfriends pay anything? Fair market rent? Discount for love? This is a relationship ... |
|
 Are we stupid!????!!!? |
Me and my boyf are buying a house, we have a mortgage set up and about a 50% deposit. I have been obssesively looking at flats in my area and there has always been one that I love.
Before ... |
|
 Real estate question???please help? |
| is 7500.00 alot for closing fees for a condo woth about 145,000.00.the mortgage guy explained where each fee comes from but i kinda forgot,im getting the mortage from a federal credit union.should i ... |
|
 I rent a house on a month to month basis, without a lease. Am I responsible for maintaining and repairing? |
| The 10-year-old washer stopped working on Monday. I called the landlady about the matter and she told me I am responsible for getting it fixed. I was a little stunned since the washer isn't mine,... |
|
 Can i afford an apartment? |
| Can i afford apartment on 8.00 dollars an hour ? full time i live in mn 2... |
|
 Would you buy it????????? |
I am Christian...prefer other Christian opinions...
Hi,
How are you?
I need a little advice...
I am considering purchasing a fixer upper home in very good shape, only an ... |
|
 Can landlord raise rent? ? |
| hi my names Shawn me and my parents moved to this apartment (in Maine) about 6 months ago ( i'm 17 ) and the rent was 800.00 for a 2 bedroom well two months later my brother moved in with us ... |
|
 Whats the deal here? |
| I got a phonecall this evening from a telemarketer who told me that I had been selected to "win" $1000 worth of resort checks that are valid in several different parts of the world, if I go ... |
|
 I am looking for the very best real estate agent to sell my house. How do I find that person? |
| I live in the Austin, Tx area and our real estate market is not as bad as some of the other parts of the country. That being said...we will be needing to sell by May or June. I want to put it on ... |
|
 Does a above-ground swimming pool add to the value of a home? |
| We're thinking of getting rid of our 26' pool, but want to keep it if it will help whenever we decide to sell the house in a few years.... |
|
| A Messy Situation in Real Estate? |
| My father is getting ready to begin a huge home improvement project(i.e. renovation and restoration). However he has a huge problem. When my grandmother passed back in 1984, she left the house and ... |
|
 Should I require my new tenant to get renter's insurance? |
| I'm renting out my house for the first time. Should I put in the lease that I recommend they get renter's insurance, or should I require it? I'm not sure if that will scare them off. ... |
|
|  |
elijah d | What does it mean contracts were exchanged ? |
|
 |
 
Weatherman
|
Ermmm
Both sides of a deal have signed their copies of the contract and exchanged them to complete the deal. |
|
fullblastus
 |
By rule of law, a contract isn't a contract unless both parties have a copy and both sign. |
|
Jimmy Mac
 |
It means that the deal is now legally binding. |
|
philipscottbrooks
 |
It means the documents that you probably signed or signed and took to your solicitors office are exchanged with the vendors signed documents between yours and their solicitors.
Copies are kept by both and this the sealing of the deal, what was a potentially a deal is now a confirmed deal. |
|
algarverich1
 |
This is the point where both vendor and purchaser legally commit themselves to the sale/purchase with a pre agreed completion date (moving date) established as part of the contract, and normally speaking a deposit is paid by the purchaser. At this point if either party where to withdraw from the deal prior to completion there is a severe financial penalty, and so after exchange you are 99.9% certain that the deal is done.On completion the final outstanding balance of funds are transferred from the purchasers bank to the vendors, completing the transaction. |
|
bluegizmored
|
If you are purchasing a property then it means you have entered into a contract and are legally bound to buy the property from date of exchange of contracts. On the completion date stated in the contract you have to pay the rest of the purchase price and you can obtain the keys and the property becomes yours. You should also insure the property from the date of exchange as if property burns down it will be your insurance that pays up. I am surprised your solicitor did not explain this fully. If you pull out of buying the property now, you will lose your deposit and may be sued for monies lost by seller. On the other hand, the property cannot now be offered to somebody else to buy, so it is pretty much yours, other than tying up a few loose ends. After exchange of contracts the solicitor has to apply for your mortgage money and do some searches before completion date. You won't be allowed to move in until completion date but you may be able to negotiate going in to decorate but best not do too much in case anything does go wrong. Good luck! |
|
nemesis
|
It means that the deal is now legally binding for both parties (buyer and seller). Contracts are normally exchanged by telephone using a law society formula which legally binds each solicitor into posting the contracts to each other. Its when the telephone call is made that it becomes legally binding - not when the contracts are received in the post (as this is merely a requirement of exercising the law society formula thingy).
Normally at exchange of contracts, the buyer puts down a 10% deposit and a completion date is agreed. In the case of a new build property, its normal practice for no completion date to be agreed - just something along the lines of "as soon as possible with 10 day notice period".
If the buyer defaulted (or dies) after exchanging contracts, then the seller could sue for the entire value of the transaction (i.e. the house price). However, such a measure would be costly and time consuming. In reality, the seller would keep the 10% deposit and find another buyer. |
|
Vicky
|
it means its all done |
|
Andrew B
|
Its a done deal |
|
sleepwalker69
 |
it means the deal is done |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 9 minutes(s) ago
| | | |
10 | 45 minutes(s) ago
| | | |
10 | 55 minutes(s) ago
| | | |
11 | 2 hour(s) ago
| | | |
10 | 4 hour(s) ago
| | | |
10 | 9 hour(s) ago
| | | |
10 | 11 hour(s) ago
| | | |
10 | 1 day(s) ago
| | | |
6 | 4 day(s) ago
| | | |
10 | 5 day(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
