i accepted the offer for my house for selling in london. the buyer has got the survey done . my lawyers sent the buyers lawyers the dfart contract and other docs and the buyers solicitiors are getting the searches and other leagal work , but the contract has not been exchanged yet. it is already been 1 month i accepted the pffer. now i don't want to sell and withdraw from selling, will i be in problem? is it legal to do so
2007-03-22 04:58:14 · 16 answers · asked by sonia k 1 in Business & Finance ➔ Renting & Real Estate
I disagree with most of the posters here. Despite the fact that the contracts have not been signed, the purchaser can still show a contract through your words, correspondence and actions. Generally in this circumstance the purchaser will just ask for the expenses to be covered and will move on. That is the practical answer. The legal answer is that the purchaser can sue for breach of contract if he or she can establish that a contract existed. The drafting of a document which is simply awaiting signature is very strong evidence that there is a contract.
It is beyond the scope of this answer, but it is important to remember that a contract is not a document. A contract is an agreement and courts will look to whether there was, in fact, an agreement. The writing is simply evidence of the parties agreement.
2007-03-22 05:23:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can stop the transaction any time you like up to and including the signing of the contracts. The buyer might be a bit upset as they have spent money on the surveys etc but you can still do it. They might try to claim compensation from you for the lost money but there is no obligation to pay. Your solicitor will advise you. Remember though you will probably have to pay your solicitor for the work carried out so far.
2007-03-22 13:20:01 · answer #2 · answered by ANF 7 · 0⤊ 0⤋
Until contracts have been exchanged you, and the buyer, are entitled to pull out at anytime...though I doubt it is very ethical or morally right to do so, and if you feel that you must, then you could offer to pay your buyers survey costs as they will be out of pocket because of your actions.
2007-03-22 12:09:20 · answer #3 · answered by sarch_uk 7 · 1⤊ 0⤋
You can withdraw right up to the time of signing the contracts, but be prepared to pay for all the work done so far. so get on with it if you don't want to sell. Don't leave the purchaser in suspense any longer.
2007-03-22 12:11:12 · answer #4 · answered by ROBERT M 4 · 0⤊ 0⤋
You can withdraw anytime up to exchange. After that it is a legally binding document.
If you want to pull out..do it now before you exchange. You will still have to pay the solicitor for his time up to that point unless it's a no exchange no fee thing.
also, even if you have signed the Contract, that really means nothing.. your solicitor is merely keeping it on file waiting to exchange. You can still pull out.
2007-03-22 12:08:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Until the contract has been signed you can legally back out. Although you should offer to pay there inspection or survey costs to avoid any potential legal hassels.
Ethically, its not the right thing to do unless you have a very good reason. When someone puts upfront costs to the house like a survey or inspection and then the seller backs out they should ussualy have a good reason for it. Other then , " I just changed my mind'.
2007-03-22 12:06:11 · answer #6 · answered by Anonymous · 1⤊ 1⤋
No Contract No Deal
This literally happend to me yesterday thought it was all sorted and the seller pulled out.
The buyer will be a bit put out but they'll get over it i did.
Good luck
2007-03-22 12:11:03 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Until exchange you can pull out without reason. Just don't expect the buyer to like it!
2007-03-22 12:38:38 · answer #8 · answered by Anonymous · 0⤊ 0⤋
As other contributors have said you can with draw providing you
a) haven't exchanged contracts in which case there is the likihood of a deposit issue to resolve
b) haven't signed over ownership
In the circumstances of a), then you may be subject to contract and be in bit of sticky situation, but as the current owner of the house then its still yours. You have agreed to sell it to them, you may/will have to compensate them and their solicitors for abortive work, it may also be worth checking if your solicitor charges for abortive work as well.
But as far as I know its still your house till you sign it away
2007-03-22 12:09:48 · answer #9 · answered by superliftboy 4 · 0⤊ 0⤋
You need to speak to your lawyer to be advised of all the implications regarding pulling out at this late stage.
If i was the buyer, i would sue for every single cost i have incurred.
2007-03-22 12:05:19 · answer #10 · answered by Anonymous · 2⤊ 1⤋