Am I Allowed To Take My Property Off The Market Whenever I Want?
Thu 23 Feb 2023
Have you put your home on the market but are now wondering whether you should take it off again? Then don’t worry, you aren’t alone. Selling your home is a huge decision and many of our clients have the same kind of thought process, for many different reasons. In particular, the jitters can set in if your sale is taking longer than usual to progress. So, here, we’ll take a closer look at whether it’s possible to take your property off the market whenever you want and what you should do if it’s a step you decide to take.
Remember That Exchange Of Contracts Is The Deadline
In basic terms, you can take your home off the market and pull out of the sale at any time before you’ve exchanged contracts with your buyer. Once the exchange has taken place, you’re in an agreement that is legally binding, and you’re committed to going through with the sale. It’s important to remember that at this stage, it’s likely that money will have been committed by all parties and the sale will have progressed almost to completion, so there could potentially be devastating consequences for all parties in the chain.
What About Estate Agent Fees?
If you decide not to sell your home after all, you’ll need to check your estate agent’s contract. Although less common now, some agents have clauses in the contract that requires you to keep your home listed with them for a specified period of time. This period could be as little as a week or as long as 3 months.
Some estate agents may also charge withdrawal fees, but they must let you know about these before you sign your contract. That’s why it’s so important to always check your agreement carefully before signing. Typically, if there is a fee charged for withdrawal, it will only be for a specific period at the start of your listing.
Why Would I Want To Take My Property Off The Market?
There are a number of reasons why sellers in Chelsfield may decide to withdraw their property from sale. Some of the most common circumstances include:
- Refreshing the listing
- A change in life circumstances
- Financial worries
- Changes in the local property market
- Deciding to improve the property rather than moving
- To change estate agents
- Getting cold feet about the sale
All of these reasons are perfectly valid for wanting to withdraw your property from sale but before you sign a contract with any estate agent, it’s imperative to be aware of the terms and conditions before you make a decision. Failing to do so could lead to unexpected fees and unwanted surprises if your circumstances change and you realise the time isn’t right for your property to be on the market after all.
If you’re ready to list your property in Chelsfield for sale, make Langford Rae Property Agents your first port of call.
We put our clients first and always ensure that our clients are happy and understand the terms and conditions relating to the marketing of their property before signing a contract. Transparency and excellent customer service lies at the heart of everything we do.
Give us a call today on 01689862770 or send an email to our team at chelsfield@langford-rae.co.uk to find out more about how we can help you.