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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3666
Experience:  Solicitors 2 years plus PQE
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GA-RP when a house displays a sign (sold subject to contract) does

Customer Question

when a house displays a sign (sold subject to contract) does this mean no more offers will be accepted?
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your question and welcome.

If a property is sold "subject to contract" that means the parties have agreed a price and agreed a sale but a contract has not been exchanged or agreed. When contracts are exchanged it becomes unlikely any more offers would be accepted as the seller would then be liable for damages if he pulled out.

If the offer has just been accepted then there is no contractual obligation on either party at this stage. If you were to offer a higher price at this stage and the seller accepted this would be what is known as "gazumping".

This all stems from S.2 of the Law of Property (Miscellaneous Provisions) Act 1989 - an disposition of land must be made in writing.

I look forward to hearing from you.

Kind regards

AJ
Expert:  russell-cssm replied 3 years ago.

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Expert:  Alex J. replied 3 years ago.
Hi,

Can I assist you any further?

Thank you

Kind regards

AJ