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The vendor is purchasing from a house builder

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  • The vendor is purchasing from a house builder

    A relative of mine has made a verbal offer through an estate agent to purchase a second hand home. The vendor is in turn purchasing a new build home from a property developer and they have paid a deposit. The new home will not be completed until about March 2017 and my relative is being asked to exchange contracts now to guarantee the sale. If I understand what I am being told, this is a requirement set by the property developer. I assume that once the exchange has taken place then you have some legal liability to proceed and failure to do could result in loss of money (presumably at least the deposit which I assume is required at exchange). All seems a bit cockeyed to me having to exchange on something so far in advance with no guarantee of a move in date until after contract exchange bearing in mind my relative is currently in rented accommodation and has to potentially stay in their current rented property until after the current rental agreement expires. Not sure if I have all the details correct but does this sound fairly normal process, I have not been involved in house purchasing for many many years?
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