Alex Watts : Hello my name is ***** ***** I will help you with this.
Alex Watts : For now please let me know whether contracts have been exchanged ?
an offer letter has been given and we were waiting for the buyers to get the morgage ready
Alex Watts : Ok. It's bad news I am afraid.
Alex Watts : Unless contracts have been exchanged either party can pull out at any time for whatever reason.
Alex Watts : This means that they or you could pull out.
Alex Watts : A contract for purchase is only binding once contracts have been exchanged.
and what about the deposit?
Alex Watts : That is why on for sale boards you sometimes see subject to contract
Alex Watts : Sadly you have no right to the deposit
Alex Watts : Either party can pull out at any time before exchange
Alex Watts : They do not even need a reason
Alex Watts : This is called gazzumping, which you may have heard of.
Alex Watts : But unless there was any agreement to the contrary you can't keep the deposit
Alex Watts : I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest
Alex Watts : Can I clarify anything for you about this today please?
and can they do an offer way lower?
If they do so... we dont have to accept it then...righ?
Alex Watts : If they withdraw the previous one yes.
Alex Watts : Correct
Alex Watts : You can say no
nd on our side we are not due to give them or compensate them for anything right?
Alex Watts : correct
Alex Watts : Not binding until exchange
Alex Watts : it works both ways
Alex Watts : Can I clarify anything else for you?
No. that's fine. thank you
Alex Watts : great, if I could ask you to rate my answer before you go today, the button should be at the bottom of the screen
Alex Watts : If you need more help please click reply