A warning to buyers about making an offer to purchase
Category Property Advice
There is a growing trend of buyers making multiple offers on different properties. You simply cannot do this.
When you make an offer, you are entering into a binding agreement until the validity time/date expires.
There is no legal practitioner or qualified estate agent who should advise you otherwise. The trend has come about due to the market shifting to a buyer's market. Buyers are scouting the market and trying to secure the best deal, playing one property against another.
A buyer must also be fully aware of the terms and conditions of the offer they are signing. It is important that they go through the offer with their estate agent, step by step. A buyer simply cannot just sign the offer to purchase and then say they did not know what they are signing. 'Caveat emptor' is the Latin for let the buyer be aware, meaning the buyer assumes the risk in the transaction.
As estate agents, we often experience buyer and seller remorse but the agreement is legally binding. Make sure you are 100% committed before you sign.
Author: Richard Hardie