Rightbuyer - Buyers Guide
5 Steps to a successful property purchase
Rightbuyer is a committed property transaction. Buyers secure a Rightbuyer Exclusivity Agreement for a fixed period of 12 weeks to arrange their mortgage (8 weeks if the property is vacant) before exchanging contracts, safe in the knowledge they won’t be gazumped.
Buyers demonstrate commitment by way of a £1000 Reservation Deposit. The seller confirms they won’t consider another offer if the buyer performs.
Talk to the estate agent if you have any questions about buying a property on Rightbuyer terms. We recommend doing this before viewing the property, the agent will provide a draft copy of the Rightbuyer terms on request.
Having viewed the property, if you’re serious about making an offer, now is the time to read and understand the Rightbuyer terms for Buyers. They’re available from the agent who arranged the viewing.
Once a sale is agreed, the agent will ask the buyer for regulatory ID and financial information. They will then ask both buyer and seller to sign the Rightbuyer Agreement and the buyer pays the Reservation Deposit. The Agent holds the deposit in accordance with the terms of the agreement and provides a receipt to the buyer when confirming the sale in writing. They will advise the solicitors of the terms of the sale and confirm the deposit is held in part payment for the property.
The buyer can focus on arranging surveys and finance knowing the seller will not consider any other offers during the exclusivity period. The seller will ensure their solicitor provides the conveyancing information to the buyers solicitor.
The estate agent liaises with the buyer, seller and their solicitors to progress the sale to exchange of contracts. When contracts are exchanged, they transfer the Reservation Deposit to the sellers solicitor.