offering to sell or lease without being the legal owner

Lantus

Where would a person stand in theory if they were to offer to buy say a few commercial units and they were the only buyer and it was almost certain that they would buy them but had not yet either paid for them or signed contracts then how strong is their position if they negotiate to sell a unit and lease one out (with signed contracts for the latter.) prior to actually becoming the legal owner.

Is this pretty common or is it fraught with danger? Is the buyer the one who should beware or is the seller being fraudulent as in effect they are negotiating to sell something that they may in all likelyhood own but are not the actual owners of yet.

Victor

Any such arrangement would be done 'subject to contract' and all parties would be made aware of the situation. It is perfectly normal. Make sure you have a solicitor who understands the ins and outs.

Lantus

Victor wrote: »

Any such arrangement would be done 'subject to contract' and all parties would be made aware of the situation. It is perfectly normal. Make sure you have a solicitor who understands the ins and outs.

Thanks, that makes good sense......assuming as you say all parties are aware of it.