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At which point of the buying process can the vendor not pull out?

I have put an offer for a house and the offer has been accepted, I have also talked to a solicitor to start proceedings and a surveyor but as I understand it the vendor could still cancel our verbal agreement and sell the house to someone else who offers more. At which point is the vendor unable to do that?

Asked on Apr 11 2010, General in Rushden | Report content

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  • Until contracts have been exchanged either party can pull out with no cost. Whilst gazumping is frowned upon it is not illegal.

    Answered on Apr 12 2010, Report content
  • The previous answer is correct, however to minimise the risk ensure the property has been taken off the market and no further viewings are going ahead. Make sure your stay on top of things chasing solicitor, mortgage offer etc. Communication is key and always keep your vendor and agent updated. A lot will also depend on the sellers situation, if they are looking to buy another property dont have your survey carried out or pay for searches until they have found and it is a complete chain. Good luck in your new home.

    Web reference: http://www.romans.co.uk

    Answered on Apr 12 2010, Report content
  • Unfortunately in England a vendor or buyer can pull out of a sale anytime prior to the signing of the contracts even if it a matter of hours,unlike Scotland where you are bound by law,if you just agree to a comitmant to sell or buy. In some European Countries one has to put a deposit of 10% as soon as you commit to buy,then if the buyer pulls out they loose their deposit,and if the seller pulls out, they not only have to give back the deposit, they have to give the buyer a further 10%.

    Answered on Feb 7 2013, Report content

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