Are you worried that making an offer on a house is something you have to stick with and can’t get out of?
We are legally bound to put forward all offers we receive and when you make an offer on a property you will receive a letter confirming your offer which gives the details of the offer and also has the words Subject To Contract in bold letters on it. This does not mean that your offer is a contract or that you have legally agreed to buy the house.
Making an offer is just a sign of your willingness to to buy at a certain price, no contract has been created and no money has changed hands.
The seller can reject your offer, you can withdraw your offer, increase your offer or reduce your offer.
If you are unsure about proceeding, you can walk away and look at another property without incurring any costs.
If you love the house and want to proceed, the offer is still dependent on positive searches, surveys and mortgage approval. If for any reason you can’t get a mortgage, or there are unreconcilable problems that come to light after the survey, you can withdraw from the sale as no contract has been created. You wont be able to get back any of the money you have spent on surveys etc at this point.
When contracts have been agreed and are then exchanged , you and the seller contractually agree to complete the transfer of the title between each other and monies begin to be passed from buyer to seller. This agreement is now legally binding.