Property Solutions to Sell Your House Fast For Market Value
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.
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.
If your house has been on the market for 2 weeks without any viewings you may have a problem. The number one reason why houses get no viewings is if the price is too high. Which means this could be the reason for now viewing, so you should speak with your estate agent right away.
You don’t need to have a survey when you’re buying a house, but it’s a good idea to have one. Having a survey will highlight any problems with the house you’re buying, confirm that it’s structurally sound and will pickup any damp issues. A lender will insist on a valuation, which is not the same as a survey.
You can changed your mind about selling your house if you do so before contracts are exchange. You need to let the estate agent know as soon as possible to avoid inconveniencing anyone, but you may still be in contract with the agent. If you change your mind after exchange of contracts you’ll be in breach of contract.
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.
