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Seller won't stop marketing
Comments
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Could you give them a bond with a proviso that if the survey brings up something really drastic you want your bond back.0
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I agree, BJ - that would be the sort of terms I would have intended.0
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I have asked for a mutual bond of £1k to be lodged with either solicitor. If he walks for any reason accept force majeure the money is mine and if I walk for any reason accept force majeure or the survey throwing up a nasty then the money is his. The EA does not believe he will accept this. Any thoughts on this please?0
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I can't see a problem with that - but that's my opinion!
You could "sell" such an idea on the grounds that, if he does continue marketing and gets a better offer, losing £1000 to you won't be a big thing as the vendor is getting more than that back when he does sell for the higher price. I would also suggest that you try and get the vendor to put up a bond after your survey - Try and set the bond agreement so that, once the survey comes back and you're happy to proceed his side of the bond comes into play. This could make the pill easier to swallow for the vendor.
My opinion of course - just though of it in fact! But he also needs to have an acceptable route out without losing his bond to make the notion easier for him.Never attach your ego to your position....0 -
I like your suggestion, BJ. I hope that the vendor is sensible enough to accept it.0
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I had a vendor try & set up a sale with a bond, every body gave up trying to sort it out after two weeks as the solicitors couldn't agree on the wording of the contract relating to the bond, each was trying to cover every eventuality for their client withdrawing from the sale & not loosing their money.
Have you suggested that the seller keeps marketing the property until your survey is carried out, then it is withdrawn from sale? The survey should show some commitment on behalf of the buyer, the seller shows their commitment to the sale by withdrawing the property from the market.0 -
The problem with that is that you've already spent lots of money as soon as you commission the survey, whilst the vendor can still go off accepting other offers until exchange.0
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