![]() ![]() Increasingly, however, some estate agents are offering alternative ways to sell a property. If a vendor goes back on this deal and sells to someone else, perhaps another buyer prepared to pay more, the original buyer has been gazumped. Usually the property will appear on the agent’s website as sold “subject to contract.” Once an offer is accepted, no money changes hands, but there is what is colloquially known as a “gentleman’s agreement,” an informal, nonlegally binding deal based on fairness, that the vendor will sell to the buyer whose offer they accept first. The offers are passed on to the vendor as they come in, at which point they make a decision on whether to accept them or not. The vendor agrees that on the sale of their home, the estate agent is paid a percentage of what the property sells for. ![]() Sometimes an agent may have a buyer in mind before the property is even publicly advertised. goes as follows: A vendor (seller) puts their property on the market with an estate agent, who gives an asking price, and invites buyers to view it and make offers on how much they are prepared to pay. ![]() Most common way of selling and buying a property in the U.K. ![]()
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