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does it matter if your offer is 'subject to contract'
mrex
Posts: 6 Forumite
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1
Comments
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All offers are 'subject to contract'.
Until exchange either party can pull out for any (or no) reason without any comeback.3 -
Do not worry - there is no legal obligation at this point. When you phoned them to withdraw your offer, their acknowledgement is all that is needed, so I assume someone did that before you hung up. They've possibly found another buyer already. At least now you know what you can afford, so just stick to that limit from now on.2
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Your "offer" doesn't even contain sufficient information to constitute a contract. When would the completion date be, for example?0
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There is an exception to this, if the property was on sale by 'modern method of auction' which is a nonsense, but would commit you to paying the reservation fee (although I think you could argue that the offer isn't accepted until that fee has been paid).
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NameUnavailable said:There is an exception to this, if the property was on sale by 'modern method of auction' which is a nonsense, but would commit you to paying the reservation fee (although I think you could argue that the offer isn't accepted until that fee has been paid).
FWIW, with any type of auction, if you bid, the law allows you to withdraw the bid until the 'hammer falls' (including the 'electronic hammer' for online auctions).
Once the hammer falls, you're committed to the auction t&cs - whatever those are. You might be committed to buying a reservation, or you might be committed to buying a property.
Hopefully, the OP just made a straightforward offer on a property that was for sale, as opposed to bidding in an auction. So no problem.
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I doubt that they had even issued the memo of sale to you at this stage let alone there be any sort of binding contract so don't worry - I am happily sitting in a house that the vendors initially had an offer on but the people withdrew after a few days (liked the area but discovered there weren't any major shopping areas nearby) and so our offer was accepted - the first people who offered lost nothing0
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