A property is under offer when a homebuyer has made a formal offer to purchase the property but the homeowner has not confirmed whether to accept.
If the offer is rejected then the property remains on the market until the next formal offer is made at which point the homeowner must again decide whether to accept the offer or reject it.
If the offer is accepted then it becomes 'Sold Subject to Contract' (Sold STC).
Sold 'Subject to Contract' (STC) means that the homeowner has accepted an offer from a buyer but the paperwork is not yet complete.
You can still enquire about a Sold STC 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. On average about 15% of Sold STC properties come back on the market after the sale has failed to proceed.
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. However the concluding paperwork (known as missives) may in rare cases fall through hence we use Sold Subject to Conclusion of Missives (Sold STCM).
A new build property is reserved when a homebuyer has paid a reservation fee to acquire it. The homebuyer generally has a period of 28 days to exchange contracts from reservation date although this can change according to developer. If they don't complete contracts the property becomes available again.
Reserved properties are generally withdrawn from sale and are often not subject to any price increases.close this window