When it comes to buying or selling a property, a crucial step in the process is getting a survey done. A survey provides valuable information about the property`s condition and can help identify any issues that need to be addressed before the sale is finalized. Once the survey is complete, the next step is to exchange contracts. However, the question that often arises is: how long after the survey should contracts be exchanged?
Unfortunately, there is no definitive answer to this question as it can vary depending on a number of factors. However, here are some things to consider:
1. The type of survey conducted
The type of survey conducted can affect the timeline for exchanging contracts. For example, a homebuyer`s report can be completed within a few days, whereas a full building survey may take several weeks. Therefore, the length of time between the survey and exchange of contracts can vary depending on the type of survey conducted.
2. The findings of the survey
If the survey reveals any issues that need to be addressed, it may take some time to rectify them before the sale can proceed. This can delay the exchange of contracts as both parties need to be satisfied with the condition of the property before proceeding.
3. The chain
If there is a chain involved, the timeline for exchanging contracts can be affected by the other parties in the chain. For example, if one party is experiencing delays, it can delay the entire chain and therefore the exchange of contracts.
In general, it is best to aim to exchange contracts as soon as possible after the survey has been completed. This helps to ensure that the sale can proceed smoothly and any issues identified in the survey can be addressed promptly.
However, it is important to be realistic and take into account the factors outlined above. It is better to take a little longer to exchange contracts if it means ensuring that all parties are satisfied with the condition of the property and any issues have been addressed.
In conclusion, how long after the survey to exchange in contracts can vary depending on a number of factors. It is best to aim to exchange contracts as soon as possible but to be realistic and take into account any issues that need to be addressed and the other parties involved in the chain. By doing so, the sale can proceed smoothly and both parties can be satisfied with the outcome.