Missives
The options will very much depend on what is happening with the missives. Missives are the formal letters your solicitor and the buyer’s solicitor exchange to create the contract of sale and purchase of your property.
If the missives have not yet concluded, you can withdraw from the sale without penalty.
You can read more about missives in this article.
Suspensive Conditions
If the missives have concluded, all is not lost. There may be a number of ‘suspensive conditions’ that you and the buyer have agreed to. Buyers tend to be cautious when concluding missives if, for example, they have not yet sold their own property or obtained a satisfactory mortgage offer. If any of the suspensive conditions contained in the missives are not met, either party has options to discuss with their solicitor.
What are the costs to pull out of a sale?
If the missives have concluded, and the suspensive conditions aren’t helpful, and you still want to pull out of the sale, the costs to withdraw can be significant.
Or, the buyer could insist you proceed with the sale. If you don’t agree to conclude the sale, the buyer could take you to court to force the sale.
Can I pull out of a house sale – conclusion
We deal with questions like these about buying and selling property all the time. We can talk you through all aspects of the process as well as your rights and obligations. Circumstances can change for both buyers and sellers all the time. Having solicitors involved for both parties ensures that conversations take place where stress is replaced with professional conduct. The key takeaway point here is that if your circumstances do change, let your Wallace Quinn solicitor know immediately.