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William Pearson

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One of the major problems with our converancing system is the ability of buyers and vendors to go right up to the wire and then pull out. We should have a system similar to the French. A buyer signs a preliminary contract which may have certain provisos (survey for example). Pay a deposit (10% perhaps). After a 'cooling off' period of say 2 weeks, the contract becomes a legally binding contract. If the buyer pulls out he / she loses the deposit, and if the vendor pulls out the deposit has to be repaid, plus a similar amount. Of course, the buyer would have to have his / her finances in order before proceeding with the purchase. No incentive for either party to renage on the deal. I believe the Scots have a similar syatem. William Pearson

From: William Pearson 18 January 2019 10:06 AM

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