Sold stcm meaning

The Compare My Move team follows strict guidelines to ensure that every piece of content is accurate, trust-worthy and adheres to the highest standard of quality.

They can be used in exchange for one another and are done so by many buyers, sellers and agents. Whilst the differences are mild, there are a few. Under Offer is a term used by estate agents which means a seller has accepted an offer. In some cases, the offer will normally be below the asking price. Sold STC can mostly mean the same thing. An offer has been accepted by the seller, but the paperwork has not yet been completed. Under offer refers to a marketing and advertising term commonly applied by estate agents.

Sold stcm meaning

Estate agents will use these terms interchangeably and they both mean that an offer has been accepted by the vendors, but that contracts have yet to be exchanged. Some estate agents will use different terms on their boards outside the houses they sell, and on online sites like Rightmove. The main terms used by Estate Agents :. House buying in Scotland is different whereby once an offer has been made and accepted , this is legally binding. There is no difference between under offer and sale agreed, as they both mean than an offer has been accepted, or the sale has been agreed, but contracts have not yet been exchanged. You can still put an offer on a house that is Sold STC as the property is still effectively available to buy. When a house is under offer you can still put an offer forward to buy it, as contracts have yet to be exchanged. The term gazumping is used when a vendor accepts an offer from another buyer before contracts have been exchanged. This could happen right up to when contracts are exchanged. Unfortunately, gazumping is legal in England and Wales and possible in Scotland too. If the agent agrees to the viewing, you know your offer has not been firmly accepted.

Contact us today on or apply online now and one of our friendly team will be in touch, sold stcm meaning. The seller can choose which offer to accept, not necessarily the highest. As it means that an offer has been accepted, both parties will likely want the transaction to conclude quickly.

Under offer UO is also used by some Estate Agents to indicate that an offer has been made, but not yet accepted. You can still enquire about an Sold STC or UO property as the sale is not complete until the signed contracts are exchanged. Technically the property is still available. It may still be worth contacting the estate agent to discuss the strength of the accepted offer, particularly as there is no legal obligation on homeowner or homebuyer to complete the sale. The house buying and selling system in Scotland is slightly different in that once offers are made they are legally binding if accepted; there is no 'subject to contract' stage.

This is the basic definition, but it is a little more complicated than it appears on the surface. You may also encounter the phrase Under Offer, which is similar but with one key difference. It means that an offer has been made by one or more prospective buyers but the seller is yet to accept. Essentially, it means the property is one step behind being sold STC. For a seller, having a property progressed to sold STC status means the home is effectively taken off the market.

Sold stcm meaning

Sold STC Subject To Contract means the owner of the property has accepted an offer made by a buyer, but the paperwork and process required to make a sale legally binding has not yet been completed. Under Offer is another frequently used term, but there is a very slight difference to take note of here. Under offer means that an offer has been made by a prospective purchaser of the property, but the seller has not yet accepted it. This basically means that the property is one step behind being sold STC.

Rule34 party

Compare Local Conveyancers. Also known as the settlement date or completion date , this is the day that is agreed for the buyer to pay the purchase price to the seller and the seller hands over the keys and legal ownership to the buyer. FREE no obligation Quote. Often, the offer made by the buyer will be below the price set by the seller. If the agent agrees to the viewing, you know your offer has not been firmly accepted. There is no difference between under offer and sale agreed, as they both mean than an offer has been accepted, or the sale has been agreed, but contracts have not yet been exchanged. So, you can find out what stage the sale is at and put in your own higher bid if you wish. As it means that an offer has been accepted, both parties will likely want the transaction to conclude quickly. For buyers, this means that you can still enquire about properties advertised as under offer. Our Blog. In any case, the property is only worth what you, as a buyer, are prepared to pay for it. What is a Homebuyers Survey? Completing the sale 5. Contact us today on or apply online now and one of our friendly team will be in touch.

This means that they are in an interim period between submitting an offer, often verbally, and signing contracts. During this time, sellers will check the financial state of their potential buyers, and the buyer will conduct surveys and conveyance of the property with an external solicitor. In this article, we explain what SSTC means, how long the process takes and what happens once due diligence is complete.

Contact our local experts to find out how much is your property worth. What is a Homebuyers Survey? Some of our language is different too and not just in terms of dialect. The Compare My Move team follows strict guidelines to ensure that every piece of content is accurate, trust-worthy and adheres to the highest standard of quality. Why effectively and not explicitly? Russell Bowyer. Some sellers will not accept offers made by buyers who also need to sell a property as the greater the property chain, the longer the process could take. Simply put, an agent is legally required to send the written confirmation within the same business day. Alternatively, if you need more help, please feel free to contact us on our contact us page here. They will also manage the legal transfer of the property.