Guaranteed Sale - What Does It Mean?

May 9, 2022

Guaranteed Sale is the only way to describe the sale of a property to a new buyer within a set period of time. It is a term that is applied to a sale where the seller has agreed to accept a price from a buyer who has met the conditions specified in the agreement.

These conditions are usually that the buyer has agreed to a set of terms and conditions such as:

  • The buyer has to deposit a sum of money to the seller’s bank account
  • The buyer has to have obtained all necessary approvals from the lender
  • The buyer has to obtain a “Seller Reference Number” from the seller
  • The buyer has to provide proof of the funds being available in the account
  • The buyer has to obtain a letter of offer from the seller

If the seller agrees to the sale, the buyer will usually be given a deadline by which to make the sale and will have to meet the conditions set by the seller in order to be guaranteed the sale. If the buyer does not meet the conditions set by the seller, the sale will be canceled.

The guaranteed offer will usually cover the period between the agreement to sell and the time the property is actually sold to the buyer.

So what are the conditions for a guaranteed sale?

In order for the guaranteed sale to go ahead, the seller must agree to the following:

  • Accept the offer
  • The seller must agree to a set of terms and conditions, such as:
  • The buyer has to deposit a sum of money to the seller’s bank account
  • The buyer has to have obtained all necessary approvals from the lender
  • The buyer has to obtain a “Seller Reference Number” from the seller
  • The buyer has to provide proof of the funds being available in the account
  • The buyer has to obtain a letter of offer from the seller
  • The seller has to pay the buyer’s agent fees
  • The seller has to pay the buyer’s conveyancer fees
  • The seller has to pay the buyer’s solicitor fees
  • The seller has to pay the buyer’s solicitor for the valuation
  • The seller has to pay the buyer’s solicitor for the settlement
  • The seller has to pay the buyer’s mortgage valuer
  • The seller has to pay the buyer’s mortgage

 

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