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Plans to end gazumping with binding agreements in house sales shake-up
Key takeaways
- Rachel Clun Business reporter Getty Images Home buyers and sellers can expect an end to "gazumping" and more transparency in a major shake-up of the property system.
- Legally binding sales agreements will be introduced earlier in the process to stop buyers or sellers walking away at a late stage of the process without a legitimate reason.
- There has long been frustration with the property sale system in England and Wales, in which buyers can be outbid at a late stage of the sale and chains can fall apart months into the process.
Why this matters: a developing story that could shape the day's news cycle.
Rachel Clun Business reporter Getty Images Home buyers and sellers can expect an end to "gazumping" and more transparency in a major shake-up of the property system.
Legally binding sales agreements will be introduced earlier in the process to stop buyers or sellers walking away at a late stage of the process without a legitimate reason.
There has long been frustration with the property sale system in England and Wales, in which buyers can be outbid at a late stage of the sale and chains can fall apart months into the process.
Article preview — originally published by BBC News. Full story at the source.
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