What does sold STC (subject to contract) mean?
When a property is marked as Sold STC (subject to contract), it means that an offer has been accepted by the seller, but the final sale is still subject to the signing of a contract. This stage typically occurs after the buyer has had a survey conducted, their mortgage application approved, and any other necessary checks completed.
At Savvy Anchor, we understand the importance of clarity and transparency in every step of the property transaction process. Our experienced team ensures that both buyers and sellers are well-informed and supported throughout the Sold STC phase.
What’s the difference between under offer and sold subject to contract?
When a property is labelled "under offer," it indicates that a prospective buyer has made an offer, but the sellers are yet to decide whether to accept it. During this period, other offers can still be considered. Conversely, "sold STC" signifies that an offer has been accepted, but contracts remain unexchanged.
How long does sold STC take?
As for the duration of the "sold STC" phase, there's no fixed timeline. It depends on various factors, including the intricacies of conveyancing processes such as surveys, searches, mortgage applications, and property assessments. Typically, this phase can span anywhere from 6 to 12 weeks, contingent upon the complexity of any issues uncovered.
Can sold STC fall through?
Unfortunately, yes. Roughly 25% of transactions at the "under offer" or "sold STC" stage encounter setbacks. Practices like "gazumping" are legal, allowing sellers to entertain higher offers even after accepting one. Buyers may also withdraw their offer if surveys reveal significant issues with the property or if legal searches uncover planning concerns in the area.
Can you still live in a house sold STC?
Living in a property marked "sold STC" isn't feasible. Occupancy is only possible after contracts have been exchanged and finalized. At this stage, deposits are paid, and backing out entails substantial legal and financial ramifications for either party.
What protection is there from sold STC issues?
Given the lack of legal binding during the "sold STC" phase, both buyers and sellers have equal freedom to act until contracts are exchanged.
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