article_snippet: Once a formal written offer has been accepted in writing, both parties are bound to the transaction by contract.
article_snippet: Failure by one party to adhere to this written agreement, known as the 'missives' procedure, can mean both parties must pay one party a hefty compensation fee.
article_snippet: A sale contract is commonly known as 'concluded missives' - with the missives being the correspondence which completes the transaction.
article_snippet: Across the rest of the UKthe UK, either party can withdraw from the transaction up until the point when a contract is officially signed.