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Graham

On 2017-07-15 11:47 AM, wrote:
> On Sat, 15 Jul 2017 18:35:49 +0100, Janet > wrote:
>
>> 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
>
> We have two dates signed at the time of the accepted offer to
> purchase. One is the date by which you have to take off the
> conditions of purchase, mortgage financing ability etc. house
> inspection, once they are done the purchaser, or seller, will be
> paying a large amount if they renege.
>
> With my cousin in Surrey, she was let down twice at the last minute
> because someone else came along and offered a higher price than her,
> i.e. Gazumping her. With four small kids it was a big inconvenience.
>
I understand that there's also "Gazundering" in soft markets where the
buyer will come along just before contracts are exchanged and beat the
price down.