How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ash Your Own Question
Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
75100385
Type Your Law Question Here...
Ash is online now

I have been in the process of purchasing a property. I have

Resolved Question:

I have been in the process of purchasing a property. I have received the contract and transfer but have not signed anything as I changed my mind on the whole sale. I have decided to withdraw my offer and have notified the E agent and my solicitor both via email today. Is there anything else I need to do?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you.
I assume contracts have NOT been exchanged yet?
Customer: replied 2 years ago.

Hello Alex

I have just been provided with the contract and transfer and asked to sign, but I have not signed yet.

Expert:  Ash replied 2 years ago.
Ok, if contracts have not been signed EITHER party can pull out. Therefore advising the Solicitor is all you need to do. Nothing else.
Can I clarify anything for you about this today please?
Alex
Customer: replied 2 years ago.

Ok. That is what I thought but just wanted to check.

So finally, can I ask what exactly does exchange of contract mean? Is this when I as the buyer sign the contract and send it back to solicitor or something else? Thanks

Expert:  Ash replied 2 years ago.
No, exchange is when Solicitors exchange. At this point the contract is binding and you can't pull out.
Does that help?
Alex
Customer: replied 2 years ago.

Ok. I see. So is that when the solicitors exchange with each parties signed contracts?

Expert:  Ash replied 2 years ago.
Yes. That is correct.
Alex
Customer: replied 2 years ago.

Ok good. That's great.

Thank you for your help this evening.

Expert:  Ash replied 2 years ago.
Happy to help!
If this answers your question might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.
If you need more help please click reply.
Alex
Ash and other Law Specialists are ready to help you
Expert:  Ash replied 2 years ago.
Hi

I am just following up to see if there is anything else I can help with?

If this answers your question might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.

If you need more help please click reply.

Alex