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Protection from seller dropping out?
furry20
Posts: 2 Newbie
Apologies if this has already been covered but a forum search didn't uncover the answer.
We will hopefully be buying a place in the next month or so and I want to protect us from incurring any costs in the event the seller walks away before exchange.
Given the price of surveys, searches etc these days it makes sense to have a one-page agreement with the seller that in the event of them walking away pre-exchange we will be indemnified for our costs incurred.
Does anyone have any experience of this? Wording to use? Can it be enforced?
Any help is appreciated.
We will hopefully be buying a place in the next month or so and I want to protect us from incurring any costs in the event the seller walks away before exchange.
Given the price of surveys, searches etc these days it makes sense to have a one-page agreement with the seller that in the event of them walking away pre-exchange we will be indemnified for our costs incurred.
Does anyone have any experience of this? Wording to use? Can it be enforced?
Any help is appreciated.
0
Comments
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This has been discussed on here before, with the consensus that it's impractical and probably unenforceable.
There are all sorts of reasons why someone might pull out - many to do with you and/or your property.
It would be impossible to list every single permutation, and you'd be left by saying that costs to be paid if an unreasonable decision was taken to withdraw. But who decides what's unreasonable?0 -
I think you will be lucky for any seller to sign anything liike this. Would you be happy to indemnify a seller if you walked away once he had incurred solicitors fees?Eat vegetables and fear no creditors, rather than eat duck and hide.0
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In short it doesnt happen that way in England.. Everyone is acting in good faith upto exchange of contracts.
Afterall under what conditions would you actually want to be able to pull out of the sale.0
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