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Janet

In article >,
says...
> Subject: to John Kuthe
> From:
> Newsgroups: rec.food.cooking
>
> On Sat, 15 Jul 2017 21:51:23 +1000, Bruce >
> wrote:
>
> >On Sat, 15 Jul 2017 08:44:58 -0300, wrote:
> >
> >>>
> >>>The actual transfer of the deed to the house happens when all of
> >>>the terms of the sales contract are satisfied. Then everybody sits
> >>>down, exchanges the money, and the title deed is transferred
> >>>from the seller to the buyer. This is commonly referred to as
> >>>"closing".
> >>>
> >>>Cindy Hamilton
> >>>
> >>>==
> >>>
> >>>Thank you. It seems it is too easy to renege on that contract if one
> >>>side wishes.
> >>
> >>That's totally incorrect, it happens much more frequently in the UK
> >
> >Source?
>
> Find it yourself. What I know is it cannot happen here. When you
> make an offer to purchase by a certain date, that is legally binding
> and nobody else can get in and offer more because the seller cannot
> have another agreement until the current one runs it's course. Either
> the sale goes through on the appointed date, or not. If it does fail,
> then the seller is free to entertain another offer.
>
You're confused.

In England and Wales gazumping can happen (the seller accepts a higher
price from someone else). However, gazumping aside, in England and Wales
there is nothing in law to prevent the seller just withdrawing the
property from sale. (or, the buyer changing his mind and walking away).

Scotland has a separate legal system, different in many respects from
E/W. In Scotland, the offer to buy/sell at £X is more binding, which
eliminates gazumping. But the OFFER does not constitute a sale, and it's
always hedged with multiple conditions. If either party fails to meet
the listed conditions by the agreed date the deal is off. No sale.

In England, Wales and Scotland, the sale does not complete until the
buyer pays in full and the seller transfers the property title to the
buyer.

No UK buyer in their right mind would start work on the property before
they owned it. Because any sale CAN fall through at the last minute.

Janet UK