Buying A Property

[nelliebee]

My Nephew is buying a property, he has some forms to fill and doesn't understand a question.
I am not able to help him. the question is in answer to Fee options,
( 1)Without abort and success, or (2)With abort and success

[TonyV]

I don't know but can he not ask whoever is doing the conveyancing? Alternately somebody with more legal knowledge than me.

[nelliebee]

thank you

[barry1010]

Are these estate agent forms or mortgage?
This is all about completion. He can opt for 1 and pay less fees if all goes well but he will pay more if the sale is aborted because he changes his mind for any reason (or even if the seller pulls out). Option 2 is more expensive but has no penalty if the sale is aborted. A sort of insurance.

[Buenchico]

An abort fee is an agreed fee that becomes payable if the transaction isn't completed for some reason. However, without further information about the context (and the level of any such fee), I doubt that anyone here can provide a fully meaningful answer to your question.

[nelliebee]

Thank you all very much I believe these are estate agent forms.
I will pass on info to him Thank you

[barry1010]

That is very odd because the buyer should not be paying the estate agent any fees at all - they are the sole burden of the seller.

He really must be absolutely clear on everything before he signs any forms.

[tiggerblue10]

Does he have a solicitor? If so, they should be helping with these forms.

[nelliebee]

Sorry for confusion, I believe this is in connection with him selling his house Thank you

[barry1010]

That makes more sense - he still needs to discuss the figures in depth before he signs.

[nelliebee]

Thank you all very much.... Bye

[AuntPollyGrey]

Your nephew has to agree to the terms surrounding the sale of the property. I was involved in Estate Agency for many years and have never heard of the two terms when referring to Agency Fees. Is this a Sale in England? or is it Scotland? The Agent needs to explain fully what each term means and I would suggest he does not agree to pay the Agent a Fee regardless of if they sell the property or not , he needs to be sure its on a no sale no Fee basis -or go elsewhere.