What Happens If We Don’t Complete on the Date Specified on the Contract?
If you fail to complete a property transaction on the agreed completion date, you are in breach of your contract. In most cases, the vendors are advised to entertain a 10-day grace period during which time the buyers will continue to complete the transaction.
If after this period buyers are not in a position to make the purchase and back out of the deal, the vendor is entitled to receive damages. Buyers may also have to face the prospect of a forfeiture of their deposit.