Make home purchases legally binding once an offer is accepted

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Make home purchases legally binding once an offer is accepted

Petition Details

The process of buying a home in the UK is outdated, complicated, and does not guarantee the seller (or the buyer) the completion of the contract.

The government needs to reform and overhaul the process to guarantee contracts are legally binding upon agreement of purchase and sale.

Additional Information

A good comparison of an effective system is that of Ontario, Canada - where the agreement of purchase and sale is made between the buyer and seller, and at that time the contract is legally binding, ensuring the sale of the home. The fact that the UK system still allows buyers and sellers to delay "exchanging contracts" and to change their mind at the last minute, even with an agreed sale in place is absurd.

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