Hi,
I bought a property. All things on my side of the fence have been sorted and conditions met. Offers signed and accepted, finance approved, ready to settle... but turns out probate has been delayed due to a screw up on the vendors part. We have reached an agreement to take possession prior to settlement and pay a pittance of a rent until probate is granted ($50 a week). We are told it will take around 3 months to get sorted.
My question is: Leaving out the fact they shouldnt have put the house up prior to formal grant of probate, how long would the bank be willing to delay settlement? Is there a shelf life for the final approval or is it that once the docs are all signed and approved, they can't back out?
Thanks guys!
-Steve
I bought a property. All things on my side of the fence have been sorted and conditions met. Offers signed and accepted, finance approved, ready to settle... but turns out probate has been delayed due to a screw up on the vendors part. We have reached an agreement to take possession prior to settlement and pay a pittance of a rent until probate is granted ($50 a week). We are told it will take around 3 months to get sorted.
My question is: Leaving out the fact they shouldnt have put the house up prior to formal grant of probate, how long would the bank be willing to delay settlement? Is there a shelf life for the final approval or is it that once the docs are all signed and approved, they can't back out?
Thanks guys!
-Steve