Thinking of pulling out - will we have to pay estate agent?

[johnnybegood]

hi guys,

currently in the following position. Selling my home and buying another home (Therefore all second hand homes) the closing date is this Friday but thats not going to happen.

its all got to do with the people buying are home. Our solicitor has sent them contracts but they have yet to return them. Our solicitor is now talking about moving in xmas time hopefully!!

anyway point is on reflection, interest hikes, change of job etc we are thinking of staying where we are. we understand we have some legal fees built up at the moment, thats fine no problem paying them.

Its the estate agent fees that worry me. read in the letter that the EA provides the following 'Auctioneers fees are payable immeadiately upon completion of the sale, and are also due in the event that contracts are signed unconditionally and returned by a prospective buyer, even if you decide not to proceed with the sale'

so am i right in saying if the purchaser of my house returns the contract signed then the ea will get there money from me regardless. And if i get my solictor to rescind the contract (If this can be done) and the fact its in the buyers possession but not yet signed then do i get away with the EA fees. Its just that its a substantial sum of money.

thansk in advance for any comments

 

[Vanilla]

It does seem very clear that this is what you have contracted with the auctioneer and in fairness they have done their job for you. You are not bound to sell your house unless you have signed contracts yourself personally but you should contact your solicitor immediately and let them know you are not proceeding to avoid them lodging a deposit cheque on your behalf which might have the effect of binding you to the contract and in any event it would be better for the purchaser to know sooner rather than later.