Is There A Difference Between Under Offer And Sold Subject To Contract?

What is the difference between under contract and sold?

The selling agent or that agent’s broker places this money into an account where it remains until the final sale date or the cancellation of the contract by one of the parties.

A house for sale is under contract only after the buyer deposits the earnest money specified in the seller’s acceptance of the buyer’s offer..

Can a seller accept two offers?

Agents are also allowed to receive multiple offers and shop them around, as the contract is only legally binding once the vendor signs it.

all words any words phrase. subject to. adj. referring to the acquisition of title to real property upon which there is an existing mortgage or deed of trust when the new owner agrees to take title with the responsibility to continue to make the payments on the promissory note secured by the mortgage or deed of trust.

What does sold under contract mean?

What does under contract mean in real estate? As with a contingent property, a home that is active under contract is one where the buyer and the seller have agreed to terms, but the deal is still in its early stages and may not come to fruition.

How long can you keep a house under contract?

That said, the length of the settlement period typically lasts between 30 and 90 days. The most common time period for settlements in different states is 60 days, except in New South Wales where it is 42 days.

Can you make an offer on a house that is sold subject to contract?

A question that often gets asked is, ‘can one make an offer on a property that is under offer or sold subject to contract? ‘ The simple answer is yes, even if the property is already under offer, the agent is legally obliged to pass on your offer to the owner.

What does Subject to contract mean?

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.

Can you still view a property under offer?

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.

Can you view a property that is sold STC?

Answer. If you’ve found your perfect home and it is ‘Sold STC’, you may well have missed out, but all is definitely not lost. Sold STC means ‘Sold Subject to Contract’. … As to whether you can still view a property that is ‘Sold Subject to Contract’, this is up to the seller.

Can a house be sold while under contract?

This is quite a common question when it comes to buyers. … But, once an offer has been signed off by the seller, the property is under a legally binding contract with buyer and seller and the owner cannot accept any other offers, even if they are higher.

What happens after the contract is signed?

You and your Real Estate Agent will arrange a time to return to the property for a home inspection. Typically, this has to be done within a few days after the contract has been signed. … (If you are purchasing a new home, an inspection is not required.) The seller is then notified of any problems.