INEA Homepage
Homepage
Homes to Buy
SEARCH
Homes to Buy

  Homes to Rent
SEARCH
Homes to Rent

  Commercial
SEARCH
Commercial

  New Homes
SEARCH
New Homes

  Overseas
SEARCH
Overseas

 
Your Currency

Property Search
Distance:
Location:
Property Type:
Minimum Price:
Maximum Price:
Minimum Bedrooms:
Added In:
Order By:
Find in Description:
Search

Homes to Buy


Making an offer, Residential

MAKING AN OFFER, GAZUMPING AND THE ESTATE AGENTS ACT

If you make an offer on a property make sure that it is 'subject to contract', this means you can pull out of the deal if there are any problems. Under the Estate Agents Act, an estate agent is legally bound to present any offer to the vendor even if the property is already under offer and solicitors have been instructed.

An agent is also duty bound on property particulars/or details to make interested parties aware of any vested interests that they, family or their staff have in a property. This should clearly be shown in b/w on the details as handed out.

Unlike in Scotland, a buyer's offer is not legally binding in England and Wales, even if accepted by the seller. 

Once your offer is accepted, ask for the property to be taken straight off the market for the duration of the sale. The seller may be reluctant to do this if you haven't already sold your property and may choose to continue to show other interested viewers.

It is not in an estate agent's best interest to allow gazumping to occur as they rely on their reputation, however a determined buyer may go straight to the seller with their offer.

So Whats Gazzzzzumping:

Gazumping occurs when a property is under offer/stc and the vendor (owner) decides at a higher price to accept another parties offer, hence ditching the pre agreed sale. NOT NICE


Advert

Featured Agent
Select Properties(gloucestershire) Ltd
Gloucester
01452 528049
Click for more

INEA