Can You Contractual Tie Vendor Into Property Sale?

[EViS]

We are in the very early stages of purchasing a building plot of land and are cautious that the vendor can pull out of the sale at any point until the day of completion. Hence, is there any form of contract which can tie the vendor into selling the land to us and prevent them from backing out of the deal at any point?

 

[Merchant UK]

Thats why you sign contracts, i would imagine it would be a waste of time to get them to sign a contract to sign a contract.

The only thing you can do is to hurry up the sale and exchange contracts as soon as possible

 

[EViS]

You say this, however a vendor (or buyer) can still pull out at any time during the conveyancing.

 

[Merchant UK]

You say this, however a vendor (or buyer) can still pull out at any time during the conveyancing.

Yes they can so speed up the exchange of contracts and the conveyancing, other than that you could ask for a deposit which is non refundable, that would show you that the buyer is more than likely going to go through with the sale.

But a variety of things could happen during the conveyancing, they may receive a larger offer, or the survey has picked up on something, or there may be complications with the Land registry and boarders etc..

You need to allow these things to progress and complete before both sets of solicitors say its finally ok to complete contracts. These are in place to protect the buyer and seller