This petition was submitted during the 2019-2024 parliament
Petition Make agreements to purchase or sell a property legally binding
The UK Government should reform law governing the sale and purchase of property to provide security to sellers and purchases, by making agreements to purchase or sell a property legally binding.
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The current law allows loose and unethical practices, which affect sellers and buyers.
The current home purchase scheme provides absolutely no protection for Sellers or Buyers. It needs to be addressed so that an agreement to either sell or buy is legally binding and cannot be rescinded without reasonable penalties being incurred.
The law should provide protection from Gazumping or Price drops at point of exchange. It should adequately protect buyers from unwittingly being used as leverage to extract more money from others. An agreement to buy or sell a property should be binding to all parties.
This petition is closed This petition ran for 6 months