I have accepted an offer on my house the prospective buyer has paid for a sesarch, we are 2 weeks away from contract signing. I have decided not to move, will I have to pay his costs?
2007-01-10 02:38:51 · 18 answers · asked by yeltsa 1 in Business & Finance ➔ Renting & Real Estate
Legally you can still pull out without penalties.
But that's the bad thing about the English system, there's no obligation on either party until contracts have been exchanged.
You're going to upset a lot of people so make sure it's the right decision before you act.
2007-01-10 02:43:09 · answer #1 · answered by chip2001 7 · 0⤊ 0⤋
First when you say contract signing that means you still have not signed any written offers. If so you could still back out and say that you don't think the price is right. The only downfall of that is you made a verbal acceptance. Depending on who your agent is and you lawyer you could still decline because you have not signed a written offer. Now your realtor can throw you under the bus because if you decline that means he will not make any money because the would not be a sale. In the court of law verbal acceptance is an acceptance of an offer as long as the buyer had a witness that you accepted their offer verbally. But if anything if you did not sign anything you are 85% safe from declining the offer and not pay his cost. Most buyer will move on and look for annother house because of all the hustle it will do if they try to pursue your house. So, you are safe from declining and from paying the buyers cost as long as you did not sign a written offer.
2007-01-10 02:51:02 · answer #2 · answered by John T 2 · 0⤊ 1⤋
If you have accepted the offer by signing then you are in a valid contract. If you just decide not to sell then you can be sued for non-performance and get hit with triple damages. If you are 2 weeks away from closing then it sounds like you do have a contract because no lender would go this far without one. If you refuse to sell I promise you that you will be talking to lawyers. What does your agent have to say? It is their job to protect you. You may also end up paying the commission plus triple damages.
You need a lawyer.
Good Luck
2007-01-10 04:41:55 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No, unless you live in Scotland, I'm really sorry there is no legal contract that has been broken by your buyer - this is a problem that people in England face. However - don't give up - the fact that you have your purchase property underway puts you in a strong position. Some buyers don't want to sit around for ages waiting for you to find somewhere and will be glad to find a seller that is ready to go. Discuss this with your estate agent. Wish you lots of luck - selling and buying is so stressful. It will all be worth it in the end.
2016-05-23 04:02:13 · answer #4 · answered by Elizabeth 4 · 0⤊ 0⤋
No, you are legally free to withdraw from the transaction up until the exchange of contracts. The buyers may not be too impressed but at the end of the day if you no longer want to sell it's your choice. You will have to pay your own solicitors fees though.
2007-01-10 02:43:25 · answer #5 · answered by Anonymous · 0⤊ 0⤋
When you say 'contract signing', are you talking about closing, or about the end of the contingency period? In either case, it sounds like you have a contract to sell. Therefore, not only pay his costs...you might get sued for damages (increased cost of a new house, rental, lawyers fees, etc), or they could sue to force you to sell.
2007-01-10 02:45:39 · answer #6 · answered by Anonymous · 1⤊ 0⤋
You have signed a legally binding contract of sale. Be prepared for the possibility of a lawsuit for breech of contract not just to the probability of reimbursing the buyer for any out of pocket expenses and the Realtor fees, if any..
2007-01-10 02:43:49 · answer #7 · answered by Anonymous · 1⤊ 1⤋
You can pull out, but you will still have to pay your realtor. Your realtor found you a buyer and that was in their contract. As far as paying the potential buyers fees I am not sure, but I wouldnt be surprised if you were made to.
2007-01-10 10:59:31 · answer #8 · answered by Anonymous · 0⤊ 1⤋
You can pull out right up until the contracts are signed.....
You have to pay for the work your solicitor has already done, but you will not have to pay there costs unless they decide to pursue it in the small claims court, but the chances are they wouldnt win
2007-01-10 02:45:07 · answer #9 · answered by xXx Orange Breezer xXx 5 · 0⤊ 1⤋
You should pay his costs if you have any decency or fairness but if you are in the England it is not a legal requirement and you can back out prior to exchanging contracts.
2007-01-10 02:47:59 · answer #10 · answered by Anonymous · 0⤊ 0⤋