Subject to Survey & Contract

Under English law, the deal between purchaser and seller of property does not become legally binding until contracts have been exchanged

Any offer to buy that you make should always be made "subject to survey and contract" which means that neither you nor the seller is legally bound to go through with the transaction and each may withdraw without incurring a penalty.

See also: Mortgage Centre and Mortgage comparison Service for the latest facts and figures.

Last Updated: May 2008 © Moneyextra.com

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