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No, in a slow market (stale property, or few buyers), you can often make the offer and negotiate to have a period of exclusive dealing (ie take it off market), then complete your due diligence and exchange unconditionally (no cooling off). Why buy in a hot market, people only get burned...

Time starts running once you & the vendor have signed the contract. You would usually flick a copy of the contract to your solicitor prior to making an offer (as the conditions of contract may affect what you should offer for the property eg. subject to a life estate). In a slow market, it is...