While looking for a property– say, an apartment or a house, you have most likely seen a tag that says “Let Agreed”
Now you may be wondering what exactly that means.
There are tons of definitions when it comes to acquiring or renting properties. It is very important that you understand the ones that will be directly associated with the type of transaction you will be having.
This article will be exploring what does let agreed means and the basic know-how for a prospective tenant like you.
What is let agreed
The term let agreed is used when two parties, the tenant and the landlord or a letting agent, enter into a verbal agreement regarding a property.
A let agreed means that the tenant has expressed a serious interest in a property and the landlord has accepted.
During this time, neither of the parties will be exploring other options until they come up with a final agreement. This means that the tenant is committed to the property, thus the landlord will not be entertaining other offers.
According to Howsy, let agreed also means that both parties have started with the processing of checks and paperwork even before the tenancy agreement is settled.
Are let agreed properties already off the market?
Now that we have established what let agreed means, a surge of frustration may come to you, seeing the property you’re interested in, on websites such as Oasis Living, already tagged as such.
However, being a property with a let agreed label is not officially off the market– theoretically, not yet.
It just means that a possible tenant and the landlord are actively discussing the property with the intention to rent.
So in simple terms, the property is not yet off the market– but is soon to be, provided both parties have come up with an agreement that works for both of them.
Is it a legally binding agreement?
A contract is often the best way to make an agreement legally binding. Since let agreed does not involve any black and white writing, this means that it is not irrevocable– not yet.
If in case, the landlord or a letting agent asks you to fill up a tenancy application form, you may do so, as this only means that you are providing basic and needed information to start the process.
A let agreed will only be official once both parties have concluded with a signed contract and or agreement.
What happens if it falls through?
A let agreed can definitely fall through and for a number of reasons at that.
The most common ones, however, are either the tenant and the person responsible for the property have not agreed on the terms such as price and other conditions or the tenant decided that the property is not for them.
In this case, the two parties move on– the tenant looks for another property and the owner starts accepting other prospective tenants again.
If a holding deposit was asked from the tenant (in instances where the owner required it) then it should be refundable.
Let agreed is a good way of securing the property right away. It also allows ample time for the tenant and the property owner to discuss their terms and conditions and come up with a tenancy contract that is right-fit for both parties involved.
Discussing what does let agreed mean is vital when property hunting, as you will most definitely encounter this term often. Understanding what it means will make the whole process of finding a property much more efficient.
Property letting companies like Oasis Living can improve this experience for you, with their deep understanding of the UK property market.
Go with an online letting agency backed with experience and technology to make the whole process as stress-free as possible.