Can You Pull Out Of A Property Sale?

Jonathan answers a question emailed in regarding pulling out of a property sale and if it’s possible.

Can you pull out of a property sale if you have already made an offer?


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Video Transcription

In England and Wales it’s perfectly possible to pull out of a property sale, whether you’re a buyer or a seller. About a third of sales do fall through during the point the property is under offer.

When you’ve exchanged contracts you will have paid a deposit, you will have signed a contract and you will have agreed to complete the purchase. In other words, pay the remaining amount of money on a particular day.

If you pull out after exchange of contracts, and that’s very, very rare – I’ve only known it once in my working lifetime – you will lose your deposit and you’ll be responsible all kinds of fees. So you certainly don’t want to do that.

But certainly up until the time contracts are exchanged the transaction is subject to contract and you are perfectly entitled to pull out without any consequence.

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Comments

  • Ann

    I have exchanged contract on my property and want to pull out how much will it costs me

  • Hi Ann, thanks for commenting.

    If you have exchanged contracts already, then it could be quite costly now.

    You will lose any deposit that you’ve put down on the property and, if there is a chain, you may be liable for other peoples deposits further up or down the chain, as well (and perhaps any storage costs and other costs they’ve incurred).

    I would do your best to proceed with sale, obviously I don’t know your situation but hopefully that’s a possibility.

    I would also suggest getting some legal advice before you decide to pull out.

    Hope that helps, if you need anything else, let me know.