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JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11551
Experience:  30 years as a practising solicitor.
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I have made a verbal agreement to accept an offer for my house.

Customer Question

I have made a verbal agreement to accept an offer for my house. nothing has been signed and am now havng second thoughts. Both solicitors have been informed of accpetance,where would I stand should i pull out
Submitted: 4 years ago.
Category: Scots Law
Expert:  Jamie-Law replied 4 years ago.

Alex Watts : Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return.
Alex Watts : Unless you have exchanged contracts then either party can pull out at any time without consequence.
Alex Watts : So as long as you have not exchanged contracts and you would know if you had because your solicitor would have said, then you can pull out.
Alex Watts : Can I clarify anything about this for you today please? If not might I invite you to rate my service today which I hope has been excellent. If you need more information then please click reply. Alex
Alex Watts : I have just seen you are in Scotland so the process is a little different, sorry
Alex Watts : Assuming the offer is accepted, your solicitor will issue a qualified acceptance, together with a package of papers relating to the property, such as the property titles, planning papers, specialist reports and property enquiry reports. The buyer solicitor will then have a number of working days to check through these and raise further queries as appropriate. At this stage, there is no legally binding contract in place between the seller and the purchaser, and it is open to either party to withdraw from discussions at any point, though this rarely happens.After buyer solicitor has carried out an inspection of the titles and other papers, he will provide a report to you with recommendations. Quite often, a contractual letter containing further qualifications is issued on your behalf by your solicitor. If the terms are acceptable to the seller, the seller's solicitor will issue a final formal letter, thereby concluding the contract. At this stage both parties are bound by the terms of the contract constituted by the offer, the qualified acceptance and subsequent formal letters.
Alex Watts : Therefore you can still pull out because the process has not completed.
JACUSTOMER-o9nq1tv3- :

I am worried that i may have to pay compensation to the party or to the estate agent. What is different in Scotland?

JACUSTOMER-o9nq1tv3- :

No there have been no documents as yet. If within these documents i do not agree with something i can still pull out?

Alex Watts : In Scotland Solicitors will issue qualified acceptance.
Alex Watts : This means either side can still pull out without penalty until the final formal letter of acceptance.
Alex Watts : So you can still pull out without penalty or worry.
Alex Watts : Does this help? Alex
JACUSTOMER-o9nq1tv3- :

Yes Thank You.

Alex Watts : Great. If I could invite you to rate my service before you leave. Thank you.
Expert:  JGM replied 4 years ago.
Thank you for your question.

I am a Scottish solicitor and will help you with this. My English colleague has tried his best but Scots law is very different from English law as regards the law of property and his answer is not accurate in the majority of scenarios.

Can you tell me of anything has happened other than the prospective purchaser has put in an offer for your property?