Make property transactions legally binding at the point of an accepted offer.

Background

When purchasing a property in the UK the transaction should become legally binding when the seller accepts and signs a purchase agreement and returns it to the proposed buyer. The agreement may include contingencies, which can be negotiated and outlined in the contract.

Additional details

In the UK, roughly one in three (approximately 35%) of property sales fall through. From working in the industry, I have seen how people place offers on multiple properties with no real intention of proceeding. Purchasers who do proceed have the right currently to walk away at the last minute, which can leave people in financial difficulty and, at worst, homeless. The decision to make such a large decision that affects more than one involved party should be regulated to minimise these effects.