How soon after exchanging contracts on a house sale, does the money get paid to the seller?
It’s totally upon deal which has been done, Normally it takes 2 or 3 month if the house is Foreclosed home, In foreclosed home bank is interrupting the whole process and it would takes 2 to 3 months. For more details about it just visit at:-Edrippee.com
In a normal sale contracts are exchanged sometime before the completion of the sale (the day on which legal ownership is transfered from seller to buyer). Usually the buyer pays a deposit which is due on exchange, so that money is paid on the day contracts are exchanged. The balance is transfered on the day of completion, and the seller will never actually transfer ownership until they have received the money. In both cases the money is usually transfered as cleared funds, so it is theoretically available straight away. However, in most cases the seller will need to use a lot of it to pay off the mortgage they had on the house they are selling, and they are likely to be using all or most of the rest to fund the purchase of a new house. Even if there is a surplus, the money will be in their solicitor’s client account, and the solicitor will normally pay you using a cheque, which might take a few days to arrive and a few more to clear.
