Pulling out of a house sale

Jill_Miller

My parents have recently sold their house. Contracts haven't been exchanged. They have decided to stay where they are due to several unforeseen circumstances. Can they pull out without any charge. Their estate agent is a no sale no fee agreement. What about costs incurred by the purchaser? Solicitors?

Cheeky_Monkey

They need to check their contract with the EA as their fee may be due as they did find them a buyer who was willing and able to proceed.

They are not responsible for any costs incurred by the buyer but may have some for their own solicitor.

marliepanda

Jill_Miller wrote: »

My parents have recently sold their house. Contracts haven't been exchanged. They have decided to stay where they are due to several unforeseen circumstances. Can they pull out without any charge. Their estate agent is a no sale no fee agreement. What about costs incurred by the purchaser? Solicitors?

No sale no fee doesn't include your parents backing out. There was a sale.

G_M

marliepanda wrote: »

No sale no fee doesn't include your parents backing out. There was a sale.

Depends on the contract.

There was no completed sale. There was a viable potential sale with a ready & willing buyer.

eddddy

marliepanda wrote: »

No sale no fee doesn't include your parents backing out. There was a sale.

There was no sale.

However, I have seen a number of EA contracts which say they are "no sale, no fee" - but they still have "ready, willing and able purchaser" clauses.

i.e. The EA's fee is payable, if the EA has introduced a "ready, willing and able purchaser".

Check the contract. Specifically look for the phrase "ready, willing and able purchaser" - that term is specifically referred to in the legislation - The Estate Agents (Provision of Information) Regulations 1991.

Lord_Baltimore

I would explain the 'unforeseen circumstances' to the Agent and apologise for wasting their time. Not because Agents deserve it but because I'd want to NOT pay any part of their fee.

I may be wrong but I think they are so used to the ups and downs of the property game, they'll just write it off to experience if you're suitably contrite.

Be nice right up to the point when, and if, they insist you must pay at which point kick off in their offices on a busy day

csgohan4

Feel sorry the buyer, another vendor changing their minds. They would have spent more than the vendor too

DumbMuscle

Well that nearly gave me a heart attack, since you have a very similar surname to the people I'm buying from - luckily a quick check shows that I misremembered!

LKRDN_Morgan

I recently pulled out as a buyer. I was really worried the venders could pursue me for costs they'd incurred but was assured that couldn't happen as contracts hadn't been exchanged yet so I'm assuming it works both ways?

TBagpuss

The buyers have no claim against them as they have not exchanged.

The agents may be entitled to their fees, depending on what the contract says.

The solicitors will probably be entitled to their costs but again this would depend on the terms of business they agreed to. Your parents will have to pay for any disbursements (payment to 3rd parties) they have incurred to date.