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Vendors pull out AFTER exchange of contract

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Comments

  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    Imlovingit wrote: »
    Just had a look on our EA contract and it states "This commission is payable on legal completion of the sale of your property" I do so hope theirs is different
    I think that if the only reason completion did not happen was because of the seller changing his mind after exchange of contract, a court might hold that the EA fee was due? ... Plus there is a subtle distinction that the EA might have fulfilled the contract with exchange and the term 'payable' just means that the money is handed over at that point, because that is when the sale of the house releases the money.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • RabbitMad
    RabbitMad Posts: 2,069 Forumite
    my last sale had something about commission becomeing due on unconditional exchange of contract, payable at completion.
  • Welshwoofs
    Welshwoofs Posts: 11,146 Forumite
    Well...

    The gloves have been gently peeled off and laid aside today. I'll update later in the week.
    “Don't do it! Stay away from your potential. You'll mess it up, it's potential, leave it. Anyway, it's like your bank balance - you always have a lot less than you think.”
    ―     Dylan Moran
  • GDB2222
    GDB2222 Posts: 26,351 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Walter-Ego wrote: »
    Last time I sold (about 4 years ago) the EA's contract said 'on introduction of a purchaser ready, willing and able to proceed'.

    I made them change it to 'on completion'.

    Well done! Most people think that they have to agree to the EA's standard terms and probably don't even read the 'small print'. Remember, it's printed small in the hope that you won't read it.

    I always add two clauses to any EA agreement:
    1. Commission only becomes payable on completion
    2. Only one lot of EA's fees is payable in total, and if there are two EAs who think they are entitled they will have to fight it out between them.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • Tesco_points_addict
    Tesco_points_addict Posts: 3,242 Forumite
    Welshwoofs wrote: »
    Well...

    The gloves have been gently peeled off and laid aside today. I'll update later in the week.


    Get out the boxing gloves Welshwoofs...i'm in suspenders with anticipation now:rotfl:But can understand why you don't want to say too much on here too early.

    Good luck.

    TPAx
    MFW - We've only gone and blooming done it!
    May 2013:j
  • ILW
    ILW Posts: 18,333 Forumite
    Tesco_points_addict wrote: »
    Get out the boxing gloves Welshwoofs...i'm in suspenders with anticipation now:rotfl:But can understand why you don't want to say too much on here too early.

    Good luck.

    TPAx

    Is your underwear at all relevant?
  • pulliptears
    pulliptears Posts: 14,583 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I have nothing relevant to add here, but Im so intrigued with this thread I wanted to keep it in my CP for updates!
    Good luck OP!
  • GracieP
    GracieP Posts: 1,263 Forumite
    Welshwoofs wrote: »
    Well...

    The gloves have been gently peeled off and laid aside today. I'll update later in the week.

    You big tease.:p
  • Welshwoofs
    Welshwoofs Posts: 11,146 Forumite
    GracieP wrote: »
    You big tease.:p

    lol sorry! Just want to give it a few days to be sure they know what's happened before I tell you lot what's happened to be on the safe side!
    “Don't do it! Stay away from your potential. You'll mess it up, it's potential, leave it. Anyway, it's like your bank balance - you always have a lot less than you think.”
    ―     Dylan Moran
  • Gwhiz
    Gwhiz Posts: 2,322 Forumite
    Part of the Furniture Combo Breaker
    Welshwoofs wrote: »
    lol sorry! Just want to give it a few days to be sure they know what's happened before I tell you lot what's happened to be on the safe side!

    That's a double tease now!!! :D
This discussion has been closed.
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