Property Solutions to Sell Your House Fast For Market Value
You can offer less than the offers over price on a house, but be prepared to have your offer rejected. Offers over is similar to offers in excess of (OIEO) but treat it no differently to a guide price. If the house has been on the market for a while the seller may consider your offer, especially if you are proceedable.
What makes an option contract legally enforceable is the consideration in the contract, which represents the amount paid at the start of the contract. Without this consideration an option agreement is not legally binding on either party. The minimum consideration in an option contract can be as little as £1.
The easiest way to tell the difference between penetrating damp and condensation is to check if the signs of damp appear to be sitting on the surface of the wall vs having come through the wall. Penetrating damp tends to get worse during periods of rain vs condensation which is more prominent during the colder months.
An option agreement on property typically lasts between three to five years. But the period of the option agreement can be shorter or longer by mutual agreement from both parties. Also, many property option agreements include a right to extend, should this be needed towards the end of the option agreement period.
It’s still the seller who owns a house between exchange and completion. But because contracts have been exchanged, both parties are legally bound to complete, which is the date when legal ownership of the property passes to the buyer. It is advisable for the buyer to insure the property between exchange and completion.
In England and Wales even once an offer has been accepted, someone else can also make an offer. Estate agents are legally obliged to put all offers forward, but this doesn’t mean the vendor has to accept other offers. If this happens it’s call Gazumping. But to avoid it happening, you need to exchange contracts quickly.
