How many contracts can you have on a house

Arrange buildings insurance , which needs to be in place from the date of exchange. If the property is in a flood-risk area or has subsidence problems, it's worth asking the seller which company they use as that insurer will already have details on the building and associated risks. Let your solicitor know what your policy number is. If you have a Help to Buy Isa, let your provider know that you're about to buy a property so they can request your government bonus see below for more on this.

When your solicitor sends you the results of the searches the checks on the property and surrounding area , ask about anything you're concerned or unclear about. Sign the contract and any other documents and return them to your solicitor promptly. The buyer's solicitor or conveyancer should Ensure that any repairs that the seller has committed to make to the property for example, if the house survey has revealed a problem are noted in the contract. Complete local searches to check for any planning or environmental issues.

If it's a leasehold property , go through the lease with a fine-tooth comb. Raise queries relating to the results of the survey, searches or terms of the lease with the seller's solicitor and explain everything to the buyer.

Check the contract and send it to the buyer for signing. Agree on a date of completion with the seller's solicitor. Arrange to pay an exchange deposit on the buyer's behalf. The seller should Await the results of the house survey and prepare to negotiate based on the findings. Gather the paperwork for any work you've had done on the house if you haven't already done so.

You might need to supply proof of planning permission, for example - and, if applicable, the lease. Fill in all the necessary forms, including the property information TA6 and fixtures and fittings forms also known as the fittings and contents form - TA Inform your buildings insurance provider that you're moving and cancel the policy, and arrange a new one for the property you're moving to from the date of exchange.

Obtain a mortgage statement and arrange finance for your new home, if applicable. The seller's solicitor or conveyancer should Fill in and check the relevant forms with the seller, then send them to the buyer's solicitor.

Answer any queries raised by the buyer's solicitor. Obtain the title deeds and details of anything remaining on the seller's mortgage. Draft a contract for the sale, noting any work that the seller has committed to make to the property for example, if the house survey has revealed a problem in the contract, and send it to the buyer's solicitor.

Agree on a date of completion with the buyer's solicitor. Can I exchange and complete on the same day? Can I change my mind after exchange? When do my Help to Buy Isa funds get released? How much does it cost to exchange contracts? Can I exchange and complete without a solicitor?

Calculate mortgage costs. Use these calculators to see if you're financially ready to buy. How much can I borrow: mortgage calculator Mortgage repayment calculator Stamp duty calculator. All 11 calculators. Compare mortgages. See the latest mortgage deals on Which? Money Compare. First-time Buyer Mortgages. Make your money go further. Find the best deals, avoid scams and protect your savings and investments.

Join Which? Continue reading. How to buy a house. The cost of buying a house. Finding the best place to live. Buying a house or flat in London. All 14 articles in guide. How is coronavirus affecting house prices? Related guides in Which? How much deposit do you need for a mortgage? But offers aren't always what real estate agents call "clean.

You may have more than one contract on your house because of the contingencies placed on each contract. But if you have more than one contingent contract at the same time, the first contract you received that clears all contingencies is the one you must honor. Once your home goes on the market, would-be buyers come through to check it out.

If they like what they see, they write up an offer and send it to you -- or, usually, to your real estate agent. There may be some back-and-forth negotiation, but in the end, if the deal is satisfactory, you accept the offer.

At that point, the offer becomes a contract -- a binding agreement to transfer ownership of your home -- and you can move on to the important things, like figuring out who's going to help you move and deciding if you can just caulk over that nail hole or whether you should put a dab of paint on there, too.

Many offers are subject to conditions, called contingencies. According to Trulia, the percentage of real estate contracts that fall through for any reason, including a bad home inspection, is 3. That means But to further avoid becoming a negative statistic, here are some scenarios to watch out for. Real estate contracts usually have contingencies that allow the buyer to back out of a deal under certain circumstances without a penalty.

Below are the contingencies most likely to blow up a deal, and some other possibilities:. They can also renegotiate the sale price or ask the seller to make repairs.

If the seller refuses, the deal can fall through. An appraisal contingency allows the buyer to back out if an appraisal determines the contract price is higher than the home is worth. In that case, the buyer would have to come up with the difference in cash to close the deal. With a home sale contingency , the buyer must sell their house first before they can close on their new home. A buyer will often give up their earnest money deposit if they back out of the deal, and a seller could sue for damages.

If the seller backs out, the buyer could sue for damages or to force the sale to proceed. If a deal with a buyer falls through, the seller stands to miss out on other offers. Once a contract is in place, the seller must close the deal with the buyer — even if they received a more valuable offer after the fact. If the initial contract falls through, that better offer may have already moved on.

If the seller is trying to buy another home at the same time, the failure to close on the sale of their current property could also cause them to lose the house they want to buy. If they breach the contract without a valid reason, the seller can keep the earnest money. Ideally, both principals in a real estate negotiation will be motivated to close the transaction.

When principals and agents deal fairly and honestly with each other from the very beginning, things are less likely to fall apart.