Change laws to protect house sellers in England -
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Property buyers in England currently face no accountability, often leaving vendors with huge out of pocket expenses & stress. Vendors must be protected! Buyers should be entitled to a cooling off period to withdraw their offer, after which they must be legally bound to the sale and pay a deposit.
When making/submitting a written offer, buyers must pay a deposit of either: the full amount or a nominal amount, with the remainder to be paid by a date set out in the contract of sale. Vendors may deduct a financial penalty of 0.25 per cent of the purchase price from the deposit if the buyer opts out after cooling off period. The sale is finalised at settlement when all checks have been made, the title and transfer documents exchanged, and the balance of the purchase price paid.
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