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
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.