Offer accepted - verbally...

momo1103

When our offer was accepted the EA emailed us a letter on headed paper as such. 
Then after both ourselves and sellers had appointed solicitors the EA gave us a sale of memorandum. 

While nothing is certain until exchange, to have everything in writing made things clear.

proformance

Thanks all. 
So, to summarise, there is no obligation for the EA or seller to de-list an advert from sites like rightmove etc until exchange? 

eidand

proformance said:

Thanks all. 
So, to summarise, there is no obligation for the EA or seller to de-list an advert from sites like rightmove etc until exchange? 

not as far as I am aware, but you do have the right to ask for this to happen. You risk getting gazumped otherwise so why on earth would you spend anything to proceed unless the advert is removed?

snowcat75

csgohan4 said:

happy_2008 said:

in_my_wellies said:

Comms69 said:

Yes the offer has been accepted. But no-one is legally bound until exchange (months away) so the offer can subsequently be rejected.

There is no document, because there is no contract to buy/sell at the moment.

How very true
My niece in New Zealand decided to move. 
1 Saw a house she liked go on the market on Thursday am
2 Viewed Thursday pm
3 Offered Friday am
4 Offer accepted Friday pm
5 Moved in the following Friday
Sorted! 
In NZ there are two types of 'offer' conditional (i.e. need survey, etc) and unconditional. conditional adds an extra 3 days!

That is crazy efficient, if only the UK worked on the same basis.

how can legals and mortgage be sorted that quick, even a cash buyer needs legals done. I think something has been exaggerated or left out

Iv know cash deals where conveyancing is done in under 2 weeks, Iv also been on some large infrastructure projects where legal problems are resolved PDQ as late fees to stop the dozers can be six figures per day.

On the opposite end My own solicitor has been working on a title deed change, some easements and registering some land since 2016!.
Jobs can take as little or as long as someone wants to make them, the legal system is no different,  in reality add the time up and an average house takes little more than half a day to survey and half a day to conveyance, so thereticaly yes it could all be done in less than a wek, however its drawn out because professionals have an a habit of shelving jobs or  not communicating with others, or just working on a single issue at a time.

Back in February I had an issue that needed 2 solicitors and the accountant  after this dragging on for months and not getting sorted with a pending tax issue if it wasn't,  I booked up there time for a few hrs, sat around the table and thrashed out the problem resolved and left with the paperwork in hand, If I hadn't it would have still would have been "worked" on today. 

proformance

eidand said:

proformance said:

Thanks all. 
So, to summarise, there is no obligation for the EA or seller to de-list an advert from sites like rightmove etc until exchange? 

not as far as I am aware, but you do have the right to ask for this to happen. You risk getting gazumped otherwise so why on earth would you spend anything to proceed unless the advert is removed?

Not entirely sure u do have right to request that though, do i? 

From what I've read and it's echoed here, they can listen to offers all the way until exchanging right? 

eddddy

proformance said:

Thanks all. 
So, to summarise, there is no obligation for the EA or seller to de-list an advert from sites like rightmove etc until exchange? 

proformance said:

Not entirely sure u do have right to request that though, do i? 

From what I've read and it's echoed here, they can listen to offers all the way until exchanging right? 

It's not really about "obligations" and "rights" - it's about "ethics".

Once your offer has been accepted, you can ask and/or expect sellers and EAs to behave ethically by not advertising  the property for sale, and rejecting further offers. But it would be very difficult to have a legally binding agreement that "obliges" them not to advertise the property, or accept further offers.

Most people expect that level of ethics from EAs and sellers.

And some people would walk away from an EA and seller, who didn't have at least that level of ethics.

eidand

proformance said:

eidand said:

proformance said:

Thanks all. 
So, to summarise, there is no obligation for the EA or seller to de-list an advert from sites like rightmove etc until exchange? 

not as far as I am aware, but you do have the right to ask for this to happen. You risk getting gazumped otherwise so why on earth would you spend anything to proceed unless the advert is removed?

Not entirely sure u do have right to request that though, do i? 

From what I've read and it's echoed here, they can listen to offers all the way until exchanging right? 

well, if they don't take the house off the market for example, I would not proceed and keep looking. The offer is dependant on that. Simple as that, in my case anyway. If they don't, that tells me they're not serious about my offer so I am not going to be either.

snowcat75

proformance said:

Thanks all. 
So, to summarise, there is no obligation for the EA or seller to de-list an advert from sites like rightmove etc until exchange? 

As a seller I wouldn't request viewings to be stopped or listed until the buyer had firm proof they were in the position to buy, and the EA had seen a copy of the AIP, and deposit or proof of cash.

On the house I am selling now I wasn't even considering offers from "chain" buyers.