“And it is very important to understand that when an offer is accepted and signed by the seller, it immediately becomes a legal contract that is binding on both parties,” says Berry Everitt CEO of the Chas Everitt International property group.while you carry on looking at others in the hope of finding one you like more, and that you cannot simply ‘change your mind’
Writing in the Property Signposts newsletter, Everitt also said latent defects can sometimes be discovered before a property transfer can be registered – and lead to the buyer wanting to cancel the deal. “And either way it should be clear that making an offer to purchase is not the same as ‘taking an option’ which buyers can later abandon, and that buyers should only make an offer when they really intend to buy a specific property,” he said.