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Sold STC Meaning
Sold subject to contract (sold STC), is when a seller has verbally accepted a buyer offer but a contract is yet to be formed. In this situation, there is no legal contract, so the agreement isn’t yet a legal contract.
If the seller received a verbal offer which they then consider the seller will display sold STC. The seller may keep the sign up letting other potential buyers that the property is sold STC for different reasons.
The seller may leave a sign-up stating sold STC to let other potential buyers make an offer. This may be to see if they get a better offer. Or this may be to receive back up offers in case the original offer falls through. In 2017 approximately 30% of property sales did not go ahead. Such reasons for a property to fall through include, problems with the valuations, problems with the searches. The buyer may pull out as they have problems which mean they can no longer afford the property, or they may find a property which they prefer.
The agency may also keep a sign-up stating sold STC as a form of advertisement. It lets other property sellers know that this agent has a pending sale on a property which can be seen more favourably for the agent.
Once the buy makes an offer and the seller accepts the offer, but the contract is not yet completed or formed, the sale is classed as STC (subject to contract). STC means that the parties are still discussing the terms and coming to an agreement of the contract. At this point the property may be updated to sold STC or under offer.
