You’re likely to come across a lot of industry jargon when searching for a home for sale, or a property for letting. This can be confusing and even make you feel alienated in your search.
Thank you for reading this post, don't forget to subscribe!What does it mean to say that something is “under offer”?
Simply put, the phrase ‘under offer’ means that the seller has accepted an offer made by a prospective buyer. This does not mean the deal is finalised, since neither party has been legally bound. They can still leave the agreement at any time. This is a potentially dangerous stage for buyers as they are open to being outbid by other parties. For advice from an Estate Agency Gloucester, visit https://www.thomasandthomasproperty.co.uk
The seller has not yet completed a home survey on the property, and there is no legal paperwork signed. Your offer will be considered by the seller, who has not made a decision yet. This means that you are not yet in possession of the property. You are still in competition with other buyers until the seller accepts your offer and changes the status to sold STC.
What is the difference between “under offer” and “sold STC”?
The next step in your purchasing process is “sold subject to contract” or “sold subject to agreement”. While ‘under offer’ indicates that the seller has not yet accepted your offer, sold STC means that it has. The Sold STC stage is when you and your solicitor begin working together to confirm your mortgage, and conduct the necessary conveyancing search.
The buyer may still withdraw during this stage, especially if the results of the survey are not satisfactory. Structure damage or dampness can cause the deal to fall apart. Even at this point, gazumping is possible, as there hasn’t been a contract exchange that would make the purchase legally binding.