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Accepting an offer

Ross McKenzie

Accepting an Offer: What This Means and Next Steps


Accepting an offer on your property is an exciting step, but it’s just the beginning of the final stage of your sale. In this guide, we’ll cover what happens after you accept an offer, what to expect during the “subject to contract” period, and how to prepare for a smooth transition to exchange and completion.


1. Understanding the “subject to contract” phase


When you accept an offer, the sale moves into what’s known as the “subject to contract” phase. This phase signifies that both parties intend to move forward with the sale, but it’s not yet legally binding.


  • Non-binding stage: During this period, either party can withdraw from the sale without penalty. While most offers proceed to completion, there’s no legal obligation yet. Consider options such as Gazeal to navigate this stage effectively.

  • Due diligence begins: Both the buyer’s and seller’s solicitors will start their due diligence, including property searches, contract preparation, and any remaining financial checks. Use the tools on the Open Moove platform to get yourself 'sale ready' well in advance of this.

  • Stay responsive to keep momentum: At this stage, clear communication with your agent, solicitor, and mortgage broker is essential to maintain progress and ensure a smooth transition. Use the Open Moove chat function regularly with clear instructions and messages - don't be afraid to ask questions.


2. Initiating the legal process


Once the offer is accepted, the formal legal process of conveyancing begins:


  • Hiring a Conveyancer or Solicitor: If you haven’t already (through the Open Moove marketplace), hire a conveyancing solicitor to manage the legal aspects of the sale. They’ll handle property searches, contract drafts, and other essential legal checks. We recommend doing this at point of property listing.

  • Providing property information: You’ll be asked to complete forms such as the Property Information Form and the Fixtures and Fittings Form, which outline details of the property, boundaries, and any items included in the sale. Again, getting this sent back to your solicitor early will save a lot of time later on.

  • Responding to buyer enquiries: The buyer’s solicitor will raise questions or requests for information. Providing accurate and prompt responses helps maintain the sale’s momentum and reassures the buyer - as soon as you receive these requests, try and respond the same day!


3. Preparing for exchange of contracts


Once all checks are complete, the sale will progress to the exchange of contracts:


  • Signing the contract: Both you and the buyer will sign identical contracts, agreeing to the sale terms. The signed contracts are exchanged, with the buyers deposit being held on account, making the agreement legally binding.

  • Setting a completion date: At this stage, both parties agree on a completion date, which is when the sale is finalised, and the property ownership is transferred.

  • Arranging for final steps: Once the completion date is set, you can begin making final arrangements, such as booking a removal company, notifying utility providers, and planning your move. Use the Open Moove marketplace if you need help with this.


4. Understanding the risks of gazumping or gazundering


During the subject to contract phase, there is a small risk of the buyer or seller changing terms:


  • Gazumping: This occurs when a seller accepts a higher offer from a different buyer after agreeing to an initial offer. While uncommon, it’s a potential risk for buyers.

  • Gazundering: This happens when a buyer attempts to lower their offer just before the exchange of contracts. Staying aware of market conditions and consulting your agent can help you manage these risks.


What Open Moove Suggests Next


Open Moove recommends these steps to prepare for a successful sale after accepting an offer:


  1. Stay organised and responsive: Prompt responses to solicitor queries keep the process moving smoothly and show the buyer your commitment to the sale. Use our document storage tool to stay organised and ahead of the curve.

  2. Prepare for the exchange and completion dates: Start arranging for your move and making final preparations to ensure a stress-free transition.

  3. Use Open Moove’s resources for support: From finding a trusted solicitor to connecting with reputable removal services, our platform offers helpful resources to support you at each stage.


By staying proactive and informed during this phase, you can enjoy a smoother path to completing your sale and moving forward with confidence.



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