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selfish buyer pulls out
Comments
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I don't think legally mandated timelines would be a good idea, but a "best current practices" timetable in combination with legally binding up-front disclosure would help.0
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Originally Posted by G_M
So if at a late stage your solicitor told you there was a covenat prohibitting you from building an extension (and you'd planned to do so), or your surveyor told you the roof needed replacing, you would pull out and happily "pay any costs incurred for everyone in the chain e.g mortgage fees, removals etc."
So where's the cut-off point at which this penalty can be imposed? Clearly you think "within 5 days" there should be a penalty, though I fail to understand how either side can know Exchange is 5 days away...I'm talking within 5 days of exchange/completion. All the stuff you mentioned should be covered in the survey/searches well before that and obviously no one has started moving/packing at that point. I'm talking right near the completion date, why should everyone in a long chain suffer because some one pulls out because they have 'cold feet'? They should not be able to do that without consequences.
What about a buyer (or seller) who withdraws within 10 days? Or 12? Maybe it should be 2 weeks?
But since the date of Exchange is never known until the date it happens, I can see the courts being clogged up with claims trying to resolve whether a penalty should, or shouldn't, be paid. Solicitors, of course, would have a field day - pushing up conveyancing fees.....
And even IF it was set at 5 days, nd it was somehow known exchange was 5 days hence, what if a buyer's mortgage offer was withdrawn at that point, or he went into hospital/dropped dead?
The whole point of the current system is that until Exchange, neither side is commited. After Exchange, both sides are commited.
Hence the term 'Exchange of Contracts'!0 -
Doozergirl wrote: »I agree, it will be something else. Cold feet.
Blames you, which is cruel, as you sound quite nice. It would have been something in her own head.
i know..moving on nothing else i can do ...
we did everything for her... but she turned out to be a psycho.. wasted everyones time and money....0
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