What does 'Pulling Out' mean when buying a property?

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

Pulling Out

Once you have had a offer agreed on a property you want to buy there is absolutely no obligation for you or the seller to go through with the transaction until contracts have been exchanged and that can take weeks.

It takes so long because there is a whole lot of paperwork that needs to be gathered together from an independent valuation of the property to verification that the person selling actually has the right to sell.

Because all these steps are fundamental to the purchase there is no realistic way of locking both buyer and seller in legally - it means that until contracts are exchanged either party can simply walk away. They are not even obliged to give a reason!

If someone, buyer or seller" does walk we say they are "pulling out" or, as the disappear over the horizon, the have "pulled out". The deal or transaction is said to have "fallen through".

One of the primary reasons people pull out and sales fall through is time - Time Costs Deals. The longer a deal drags on without exchanging contracts the more likely something is to happen in th e lives of either buyer or seller which will make them decide not to proceed - be this a pay rise, job move, divorce, etc.

If you want to learn how to minimize the time between Sale Agreed and Exchange of Contracts, and so minimize the chances of the vendor pulling out and your property purchase falling through, pick up a copy of my ebook How to Really Buy a Property.

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Chapter 12: Choosing a Conveyancer or Solicitor
"... and could leave you with many regrets. If the cheapy solicitor that you choose does not return calls or is overloaded with work there is an extremely high chance the vendor will loose confidence in you as a serious buyer and pull out of the deal. Remember above everything that swift..."
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"... people base the word "through" on how many questions and enquiries their solicitor raises but has no idea if these are actually relevant. There is a fine line between being thorough and going over the top to cover any eventuality under the sun. Too many enquiries that are seen by the vendor as irrelevant can simply lead him or her to believe that you are not a serious buyer and pull out of the..."
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Chapter 15: How to Really Make an Offer on a Property
"... solicitor is likely to be against such an idea. To start with it may seem like a great way to send positive messages to the vendor but any such agreement is likely to be complicated. If in the process of buying it is discovered that, for example, the property has subsidence or the house next door has got planning permission to double in size and block out all the sunlight to your garden, it would be fair for you to pull out of the..."
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Chapter 16: Who to Trust When Buying Property
"... people because the theory of house buying works so completely differently from the reality; Why the advice of family and friends causes some people to pull out of a purchase and regret it later; Why the solicitor you are paying may not be acting in your best interests; Why the surveyor who..."
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"... fee solicitors - in this situation the solicitor knows he will get paid no matter what the outcome is. However he knows that if you exchange and complete on the property, and then later find he did not make you aware of some points which you feel were important, he can be sued. It is thus in his vested interest for you to pull out of the purchase - fee paid, no risk. For this reason very small firms of solicitors often appear extremely over protective and often present you with reasons why you should not proceed further on a particular purchase. Reasons a larger and more financially resourced, firm would not..."
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"... 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..."
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