In the UK there is a bit of a difference
Some developers will 'buy' your old property from you
Others will offer deals like furniture that would not appeal to
existing property owners.
Due to rather poor laws, in Engand and Wales, buying or selling
property is quite hazardous - nothing is guaranteed before contracts
are 'exchanged'.
- you can think you have an agreed deal, and it can fall through up to
about four weeks before your moving date.
As I discovered to my horror, even paying a hefty deposit has
absolutely no legal standing. When you have a chain, it is not
uncommon for a buyer to demand a price reduction, or a seller to
demand a higher price - or sell to someone else.
There is actually quite a gap in the market for someone to develop an
'Option' product, where a legally enforceable Option is bought/sold -
and the company behind it sends in the heavies should someone renege
- a sort of synthetic version of Scottish Law.
For a Seller in the UK, especially a developer, 'No Chain' is very interesting. |