Dazzler

Hi

Just after a bit of info on house selling.

Can you tell me if it is at the exchange point that everything is legally binding? Do you have a grace period in which to back out?


Cheers

scoobylav

Depends where you are if in Scotland when you make an offer and its accepted it becomes legally binding

In england I believe it is at the exchange point yes and no I dont think there is a grace period. I may be wrong though it is a while since I bought a house in england.

Cocker

iTrader: (3)

You still can pull out after you have exchanged but it will cost you £££££

Kieran_Burns

iTrader: (1)

The Exchange is the legally binding point. Once past this you are committed to buying the house.

This is why you NEVER commit on the new house until the old one is sold or you DEFINITELY have the funds available to buy the house.

I'm just waiting to exchange with our buyer so we can exchange with our seller - by the looks of it, it will be on the same day... we're just pressing to get our buyer to get herself to the solicitors as soon as possible.

Jonathan Davies

Yeah. Exchange means exchange of legally binding contracts to buy and sell. In England you can't have verbal contracts to buy/sell land, which is why verbal offer and acceptance is meaningless.

You'll pay a deposit on exchange - 5% normally. Fail to complete the purchase and you'll lose that for starters.

Kieran_Burns

iTrader: (1)

Gawd - I forgot about the deposit!

Our deposit comes from our buyers deposit who comes from theirs... thank God ours is a cash buyer! LOL. what a thing to forget about!

Dazzler

Cool, cheers guys. Just wanted to be clear on the facts.