What does 'Agreed Price' mean when buying a property?

Find out what Agreed Price means when you are buying a property. 'What does Agreed Price mean?' plus over 150 other property related terms and jargon in plain English

Agreed Price

When a buyer makes an offer on a property and the vendor accepts this offer it is known as the 'Agreed Price' or the 'Price Agreed'. This can be below, at or above the Asking Price.

To learn how you can make an offer on a property that get you the best Agreed Price and set the deal up to progress smoothly pick up a copy of my ebook How to Really Buy a Property.

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How to Really Buy a Property

"... a city centre solicitor should understand the urgency of taking an agreed price to exchange in a highly competitive market. A point often lost on a solicitor in North Wales who may constantly tell you to relax and not worry about anything as he gazes out over the green hills contemplating what to do when he leaves at three o'clock that..."

"... versus the other buyer and when the dust settles they all too often regret how high they went. In most cases bidding wars lead to an agreed price that then falls through in the cool light of day. - Sealed Bids - In this scenario the agent tells all offering parties to come back by a..."

"... are two ways to buy a property. You can purchase for cash or by borrowing. Either way you will need to put down a deposit when contracts exchange and pay the balance on completion. The deposit is normally between five and ten percent of the agreed price although it is possible to exchange with anything from zero to one hundred..."

"... the good news. Melissa offered to exchange immediately at the original agreed price of £195,000 but this was still £10,000 short of an offer from buyers who had an excellent motivation to exchange on this particular property. She lost the property and all of her expenses. ..."

"... one of the biggest waste of times in the whole home buying process. It is a valuation survey followed by a lot of speculation. You are likely to find out fascinating things like screws missing from plug sockets, wood that needs replacing in windows, kitchen cabinet doors that need to be fastened. The crucial thing on this survey is the valuation. If, with all the property defects, the surveyor still concludes the property is worth the agreed price then (unless the vendor is very desperate to sell) don't try to use it for negotiation. If the survey states that 'in it's current condition the property is worth x' and x is the price agreed then there are no grounds for..."

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