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OK, still confused! Will I owe the EA anything?
Jewel_2
Posts: 4,666 Forumite
As the seller, do I owe the estate agent ANYTHING if I pull out before exchange.
We're going round the houses as it were - the initial agreed price was knocked down by the structural surveyor, but I expect the buyer will offer the initial price that was agreed eventually (keeps creeping up), but now don't want to move (original Memo of Sale before survey was sent out, but nothing since, as still not agreed).
If I pull out NOW, before they offer again, what fees do I incur (I know I will owe the solicitor something).
Thanks for already responding chickmug on my previous post, this is where we stand now.
We're going round the houses as it were - the initial agreed price was knocked down by the structural surveyor, but I expect the buyer will offer the initial price that was agreed eventually (keeps creeping up), but now don't want to move (original Memo of Sale before survey was sent out, but nothing since, as still not agreed).
If I pull out NOW, before they offer again, what fees do I incur (I know I will owe the solicitor something).
Thanks for already responding chickmug on my previous post, this is where we stand now.
Forever I will sail towards the horizon with you
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If you have definately decided that you will be pulling out no matter what happens with your potential buyer, why don't you ring your estate agent and ask the situation.0
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Dig your contract out, it should say if there are any costs payable. Will you be taking the property off the market? If you're leaving it on I wouldn't have thought they would ask you to pay anything. As a general rule no exchange means you don't pay, but that's only if you agreed the contract on a no sale no fee basis (most agents do work like this but there are a few that don't).Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
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purplebuzz wrote: »If you have definately decided that you will be pulling out no matter what happens with your potential buyer, why don't you ring your estate agent and ask the situation.
Very sensible, but I reckon they don't really have a set procedure, and if it is a case that we owe money, we are going to struggle to find it ... All the managers are on holiday too, which means we probably won't get an answer for a good week or so, meanwhile the negotiation goes on ....Forever I will sail towards the horizon with you0 -
Very sensible, but I reckon they don't really have a set procedure, and if it is a case that we owe money, we are going to struggle to find it ... All the managers are on holiday too, which means we probably won't get an answer for a good week or so, meanwhile the negotiation goes on ....
Ok, well if you are still letting the negotiations go on then it suggests to me that you may still be tempted to carry out with proceedings if they were to up their offer to what they originally agreed with you.0 -
I pulled out a few years back with no additional cost to myself.0
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purplebuzz wrote: »Ok, well if you are still letting the negotiations go on then it suggests to me that you may still be tempted to carry out with proceedings if they were to up their offer to what they originally agreed with you.
We do want to pull out, but because we don't know whether we will be charged we haven't said anything (only decided this weekend, after a load of hassle and the buyers uming and ahring). Then made us think again.Forever I will sail towards the horizon with you0 -
We do want to pull out, but because we don't know whether we will be charged we haven't said anything (only decided this weekend, after a load of hassle and the buyers uming and ahring). Then made us think again.
Surely then the fee is irrelevent?
If you want to pull out regardless of the offer then the fee's are not going to matter as your not going to continue either way? I.e. the sale is not going ahead regardless of the fee's.
Only 2 people can answer this, 1 is your agent who you don't want to call and the other is yourself by reading the contract you signed.0 -
It’s also not very fair to people to string them along unnecessarily when you have made a decision that affects them.
Just tell the EA! If you are charged you can then dispute it against what your contract says, if you think it’s wrong.0 -
Why can't you read the contract you signed?
You may want to compare it against: The OEA Code of Practice for Residential Estate Agents and the NAEA Residential Estate Agency Code of Practice which a quick google should find for you.0 -
jewel
In the other thread a few days ago I did keep saying read your contract.
It could be all this stress you are going through could be sorted if you read it and tell us what is in it?A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0
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