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Hi, thanks for your enquiry. I am pleased to say that you are indeed free to withdraw from the Sale, without any penalty or liability to the proposed Buyer. Only once Contracts have exchanged is there a legally binding agreement between a Seller and Buyer. At any time before Contracts are exchanged, either party can pull out and the Agents fees are only payable once Contracts are exchanged, so you won't have to pay them anything either, at this stage. I hope this clarifies the position to you. If so, I would be grateful if you could rate my answer. Kind Regards Al
Hi, I can confirm that you are under no duty whatsoever to pay the Buyers legal or valuation fees, like he wasn't responsible for any of your legal fees when he pulled out of the original deal! The Heads of Terms are the same as a Memorandum of Sale and are not a legally binding agreement- they are merely setting out the terms of the proposed Sale, and are "subject to Contract" (ie the agreement is subject to the parties exchanging Contracts and only at that point are both parties bound to the agreement). Please don't worry- you have absolutely no liability to the proposed Buyer!! Kind Regards Al