Moving

[rockyracoon]

I have just exchanged contracts today to sell our house and buy a house round the corner. Being a constant worrier, what happens if my buyer pulls out now, I know the contracts did state the penalty but I can't remember. Has anyone been in this position, and if so what happened.

[raysparx]

Hi rocky, Don't worry if your buyer pulls out once contracts are exchanged they lose the deposit they have put down,they aren't likely to pull out now,if they were going to pull out of the puchase I would have thought they would have done it before exchange took place, Good luck,Ray

[smurfchops]

I am sure if they have signed the contract, then exchanged it, they can't pull out. Perhaps someone will clarify this?

[Miss Zippy]

If your buyer pulls out after exchange contracts, they will lose their deposit. Also, if you subsequently sell your property for a lesser sum, you can sue the original purchaser for the difference. However, purchasers can pull out of a sale after exchange of contract without penalty where they relied upon a mis-statement made before exchange of contract which induced them to enter into the agreement. This is why it is very important to answer the pre-contract enquiries honestly.

[rockyracoon]

Many thanks for your answers I feel better now