Sold Subject To Contract Meaning
Sold subject to contract means that an offer has been accepted on the property but that the paperwork hasn’t been completed and no money has changed hands.
It means that when you see a big ‘SOLD’ sign go up outside a property, it’s actually only sold subject to contract.
They do say that no deal’s done until you’ve got the money in your bank and that’s absolutely true with buying or selling a house – until you’ve got the keys, the contracts have been exchanged, and the finances are sorted, it’s only agreed subject to contract.
So, what does it really mean?
Sold Subject To Contract
Buying or selling a house can be incredibly stressful.
Anyone that’s ever done it will tell you as much – and it’s doubly so when you’re in a chain where one slight hiccup can have a ripple effect throughout every transaction in the chain.
But it doesn’t need to be as complex or stressful as you think, and often, it’s not.
Whether someone says the property is sold STC, there’s a sale agreed, or any variation of that, it means the same thing. An offer has been accepted for the property and the legal side of things is underway.
Sometimes you might see the phrase ‘under offer’ used but there is a slight difference here… because it means that while an offer has been made on the property, it hasn’t been accepted yet.
It might mean the owner of the property is waiting for other offers, considering whether to accept or that they’ve just simply not responded to the offer yet.
It’s worth knowing that people can actually still make an offer on a property that is sold subject to contract.
If you’re a buyer and you’re keen on one particular property, you might bid on it even though there’s already been an offer accepted – this is known as ‘gazumping’. The offer will need to better the offer that’s been accepted if you’re going to have a chance of it being accepted or maybe you could match it if your circumstances mean you could complete the sale quicker.
The issue is that gazumping is often seen as unfair once an offer has been accepted and the seller can risk losing the original buyer if the deal then isn’t completed after they accept the higher offer…
It doesn’t mean it’s not a viable option but it does mean that you should be aware that many people won’t be receptive to higher offers once they’ve agreed a sale subject to contract.
What Happens Next?
Once you’ve had an offer accepted or accepted an offer on a property, the conveyancing process begins.
That basically means that all the legal work gets underway – sellers’ packs are prepared, legal searches begin, contracts are drafted, enquiries are raised and answered, and finally, contracts are exchanged.
Finding a solicitor you can rely on for your property transaction is a key part of the process. Costs will vary depending on the value of the property, where it is, the solicitors you choose, and the searches that need to be conducted.
Not only that, but depending on the location, land, and individual solicitor. If you need more searches because of the area or land your property is on, that could mean the process is more costly and time-consuming, but your solicitor will be able to advise you on what to expect.
Conveyancing Solicitors Near Me
We know that finding the right Conveyancing Solicitor is crucial, which is why we’re here to help…
Because buying or selling your property can be confusing, stressful, and complicated – so we know how much of a difference a good solicitor can make.
We’re here to make sure you’re in safe hands by connecting you with expert solicitors near you for FREE.
So, if you’re looking for a Conveyancing Solicitor near me to help with your property sale or purchase, look no further…