Published: 03/03/2020 By Allan Fuller
Seems a simple question, but like a lot in life it is not always that simple, especially when it comes to property. We heard recently of a potential buyer being told by an estate agent that their offer would not be submitted, with no real explanation other than saying they knew it was too low.
If that should ever happen to you the law is very clear, all offers from potential buyers must be passed on to the seller promptly and in writing. The only exceptions are if the seller has given the agent written instructions not to submit offers below a certain figure. The other reason is if a suspicious activity report (SAR) has been made in respect of a prospective purchaser.
Even when a sale is agreed in principle, subject to contract, there is still an obligation to pass on any further offers, unless the seller has given written instructions that they do not want to receive any further offers. Also if an agent is saying that a potential buyer must agree use the mortgage source or solicitor that they recommend this is also outlawed. If, as is likely the agent is getting a kick back from them this must be disclosed. Breaches of these requirements can have very serious consequences, there are agents that have had a lifetime ban under the Estate Agents Act.
As for February the 29th a woman proposing on leap day in the middle ages if refused could demand 12 pairs of gloves to hide her embarrassment of no ring.