This weeks question & answer video is pulled straight from the Zoopla AskMe section.
Selling a property can be scary and potentially rushed through. That’s why the question “Can you pull out of a property sale?” is one of the most commonly asked.
Find out what exactly you will be liable for if you pull out of a home sale.
Will you be liable for pulling out of a property sale
In England and Wales you’re free to pull out of a property transaction up until the point of exchange of contracts.
This is where the buyer or seller decides they do not want to proceed with the transaction any further. Generally 30% of sales in England and Wales tend to fall through.
However if you get to a point once you’ve exchanged contracts, 10% deposit has been passed over and you decide to pull out at this stage.
You will become liable for losing your deposit and also for any other fees that the seller decides to sue you for.
So, generally speaking, yes you you’re free to pull out from a property transaction prior to exchange of contracts.