Compare quotes from conveyancing solicitors servicing Blackheath

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What is Gazumping?

Gazumping is the name given to the circumstance where the seller has accepted a buyer's offer but then accepts a higher one.

This can be avoided by asking the seller/estate agent to stop marketing the property.

A pre-sale contract where the remedy for any breach would be to sue would be created if you obtain the sellers agreement to accept your offer in writing, and you pay a deposit amount (the consideration).

not illegal - just unethical!

What happens during the ‘Exchange of Contracts’ ?

Exchange of contracts (EoC) is the point of the legal process where a binding obligation on both parties is created - for the Seller to sell and the Buyer to buy the property.

At any time up until the EoC point, either party could withdraw from the process without any penalty other than monies they have spent on surveys, mortgage application fees and similar costs....

At EoC  stage a completion date is normally mutually agreed when the transfer can and will be finalised.

On the day of completion the monies are transferred between the parties and, the keys to the purchased property are handed over to the buyer.