Making and Offer
Once you have found the property you would like to purchase, you should make an offer to the estate agent who is acting on behalf of the vendor.
Your offer can be made verbally or in writing.
The estate agent or vendor will understand your offer is subject to a satisfactory survey or valuation of the property and satisfactory exchange of contracts.
The estate agent will contact the vendor and you should receive written confirmation that your offer has been accepted.
An estate agent has a duty to submit all offers to the vendor, unless instructed to the contrary by the vendor, up until contracts have been exchanged.
Your offer therefore does not become a binding transaction until contracts are signed by both parties and “ exchanged ” by the solicitors.
You can reduce or withdraw your offer before exchange of contracts but likewise the vendor can also accept a higher offer from another prospective purchaser or take the property off the market, before exchange of contracts.