Before a deal is finalised, there can be a number of reasons why a seller might wish to pull out. Whilst incredibly frustrating, some of the reasons can relate to conditions of the local property market or changes that can take place that impact on demand and pricing. Here are some of the most common reasons for a sale not taking place:
Gazumping
Thankfully this has declined but it can still happen in property hotspots across England and Wales and in times of increased demand. Property hotspots like London and Brighton see a lot more gazumping than some other areas, for example.
Gazumping happens when a buyer gets outbid by another party after their offer has been accepted by the seller. It’s a horrible action and unfortunately is considered legal in England and Wales. The law is different in Scotland, where you can enter a contract in which the seller agrees not to sell to another party once they’ve accepted your offer. You can then sue the seller if they breach this contract. To find a trusted Estate Agents Longlevens, contact Thomas and Thomas.
Withdrawal of offer
At any point until contracts have been exchanged, a seller could decide to pull out of the deal. Some other party may have put in a higher bid, they might decide to keep the property or wait until market conditions improve. The buyer has absolutely no rights to claiming the property before the exchange of contracts. A buyer can ask a seller to help towards any legal fees you’ve accrued but there is no legal obligation for them to do this.
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