7 days ago
Penalties proposed for Jersey house sale pull outs
Islanders could be given financial penalties for pulling out of a house sale if a proposition is Max Andrews wants all residential property transactions to have a legally binding pre-sale agreement which would include a penalty to be paid by the seller or purchaser if they pull out of the agreement without legitimate deputy said it would prevent gazumping, where a seller accepts a higher offer after agreeing to sell, and guzundering, where a buyer lowers their offer at the last islander said they lost more than £1,000 after being gazumped and called for the government to raise awareness of the issue.
Some types of sales including family or company transfers, auctions, government sales, hotels and guest houses will be excluded from the proposed reasons for pulling out of a sale would include mortgage refusals, substantial damage to the property and chain collapses.
Andrews said politicians needed to "instil confidence in the housing market for both buyers and sellers".He said: "It is evident that without legislation, islanders will continue to be vulnerable to gazumping and gazundering."With legal recourse in place, buyers and sellers would have greater confidence in the process and some financial recompense should a transaction fail."The earliest the proposal can be debated is 30 September 2025 and Andrews requested the chief minister to approve the proposal no later than June 2028.
