Fixed Price Offers
The use of fixed price offers should be considered carefully. Problems can arise when two or three prospective purchasers attempt to express interest simultaneously or when offers are submitted subject to conditions.
A sale advertised at a fixed price is an invitation to prospective purchasers to submit offers at that price. In the Committee's view it does not imply an undertaking on the part of the solicitor that the first such offer will be accepted.
If a solicitor is instructed to advertise a property at a fixed price, the Property Particulars should state if the date of entry is material and whether offers subject to survey, subject to finance being obtained, subject to the purchaser's own house being sold or subject to some other suspensive condition will be considered. Other matters material to the seller should also be clearly stated.
