UKC

BiL has had his house on the market for a while and finally received a decent off and the place is now shown as Sold Subject to Contract. Yesterday he viewed a nice little place which would suit him perfectly and he even said that he liked it. However, for all the wrong reasons, he is now saying he doesn't want to move and he will be quite happy staying where he is(in truth he won't be) He has had the usual pre contract questionnaires from solicitors etc.

Just wondering at what stage a property sale becomes binding(presumably at exchange of contracts) and if/when prospective purchaser can seek compensation.
Edit:
Can the estate agent seek compensation for loss of commission?

In reply to mypyrex: They might have a withdrawal fee, and there'll be something in the contract about the full fee being payable if they introduce a "ready, willing and able purchaser" - but I think that only applies if they exchange contracts (or if you then subsequently sell to someone who they introduce to them).

In reply to mypyrex:

I might be wrong but you can pull out until completion. If you cancel you lose your deposit going up, and you have to give back your buyers.

In reply to mypyrex:

He can pull out until contracts are exchanged with relatively little penalty (maybe some lost agent's and solictor's fees). Once contracts are signed he leaves himself open to legal action from the buyer if he tries to withdraw from the agreement, either to seek damages or force him to honour the contract.