Change the buying and selling process of residential properties in the UK — 8 signatures. Status: rejected.
Make buyers liable to some kind of financial penalty if they withdraw from a sale without good reason
Make property buyers and sellers financially liable if they withdraw from agreed sales without good reason. We ask the UK Government to reform the property buying and selling process in England and Wales by introducing legally enforceable financial commitments once an offer on a property has been formally accepted. At present, either party can withdraw from a property transaction at almost any stage before exchange of contracts without financial consequence. This causes significant emotional distress, wasted legal and survey costs, collapsed chains, delays, and instability in the housing market.We call on the Government to introduce legislation requiring buyers and sellers to enter into a legally binding reservation agreement or similar mechanism shortly after an offer is accepted.
View this petition on the official UK Parliament website