Well done you’re almost there! Although this is a great position to be in, the sale is not complete yet. Your house is now officially under offer, but you have no legal commitment to honour the sale until the contracts have been exchanged. You may wish to remove your house from the market to show goodwill, but you can still listen to other offers if you desire. From the buyers point of view, they could try to negotiate a lower asking price than initially agreed upon if the surveyor relates any possible problems with your home. In this case it may be easier for you to correct the problems yourself in order to retain the agreed asking price.
Be aware that just as the seller can legally pull out at any point before the contracts are exchanged, so too can the buyer. It can be a nervous wait for some people but when you have finally agreed a price and exchanged contracts the legal process will commence.
The Final Legal Process
The details of the legal house process is dictated by your geographical position and whether the transaction takes place in Scotland, England, Northern Ireland or Wales. The process of buying and selling is commonly known as ‘conveyancing’ in legal circles, and any questions you have about the legalities can be directed to your solicitor or house adviser. Once the legal work is complete, the process is finished and you’re free to move on. Congratulations, you’ve sold your house!