Slow Solicitors: Forcing Deal Exclusivity
Slow conveyancing can kill a deal, but it also gives you time to lock the vendor into an exclusivity agreement or an option contract, protecting your interests while the legal work crawls along.
The property market is notorious for glacially slow solicitors. Weeks turn into months, searches get delayed, and the seller threatens to relist the property out of frustration.
Instead of just complaining, use this delay to your advantage. If the vendor is getting frustrated, use their emotion to secure a 'Lock-out Agreement' or an 'Option Agreement'. Tell them: 'I am 100% committed, but the lawyers are slow. Let's sign this exclusivity agreement so neither of us wastes money.' This secures your position on the deal, preventing gazumping. Furthermore, a delayed completion gives you extra weeks to finalize your build team and source your materials before you even own the asset.
The Mindset Shift
Control the timeline. If the legal process is slow, ensure you have contractual protection so the time works for you, not against you.