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What does 'Sale Agreed' mean?

Sale Agreed

The term 'Sale Agreed' simply means that the buyer has made a financial offer and the seller has accepted that offer.

This is usually the first step in purchasing a property. You say, "I offer your £200,000 for the property" and the buyer says, "OK, I accept."

However there is nothing contractually binding on either party to complete the sale until contracts have been exchanged.

As such the property becomes Sold Subject to Contract.

During this period both parties can walk away with no penalties and both parties can renegotiate the price (up or down).

Because it is a very insecure time for both buyer and seller it is always advisable to make sure the time between Sale Agreed and Exchange of Contracts is as short as possible and much of the book is about how you can achieve this.

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How to Really Buy a Property

"... accepted offer simply means you enter the no mans land that exists between 'sale agreed' and 'Exchange of Contracts'. There is absolutely nothing binding about having an offer accepted so its worth knowing what has to be organised in order to get a more concrete deal. This twilight zone is covered in Part III, From Offer to..."

"... agents are poorly experienced or badly trained and not even they know how to really put up an offer. But the way you do it and the way you present yourself can make a substantial difference to the final price you pay. Sometimes it may allow you to get a sale agreed at a price the vendor would not previously have accepted, sometimes it may mean the vendor will sell to you and not someone else (even if the other party is offering..."

"... when considering comments made by them, be aware that: They know the longer the time period between sale agreed and exchange, the more likely the buyer will pull out and you will loose your property. (See The Balance of Power) They know, if they are experienced, when the surveyor or..."

"... reactions which may be of little benefit. From a buyer's point of view it will soon become clear how well your agent operates and if they are a disaster zone of poorly motivated and inexperienced staff sale agreed may never make it to completion. ..."

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Author of How to Really Buy a Property

I'm Tim Hill, Author of How to Really Buy a Property. I'm a property buyer, seller, landlord, tenant and I've been an agent in hundreds of transactions. I own a property portfolio across Europe but that doesn't mean I think you should to!

This book is my collective knowledge and experience that I have gained working within the property market of England and Wales for over a decade. I've written it so that you can benefit from what I have learnt whether you are a first time buyer or a budding buy-to-let investor.

There are no gimmicks here and no get rich quick schemes - just practical no nonsense advice so you can buy the property you want at the best price with the least stress.

Download the Free Preview copy right now. I won't be asking for your email so I can bombard your inbox with 'special offers' and 'discounts' because I know most people who read the Free Preview buy the full copy. See for yourself!