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. After that, the ball is in the seller’s court.
What is the difference between sold and sold subject to contract?
Under offers is a term used by estate agents and means that an offer has been put to the seller and accepted, but will normally be below the asking price. Sold Subject to Contract (STC) is really the same thing an offer has been accepted by the seller, but the paperwork has not yet completed.
Can you view a property that is sold STC?
You can still enquire about an Sold STC or UO property as the sale is not complete until the signed contracts are exchanged. 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.
What does it mean when House is being sold subject to contract?
First, you should understand what a person means when they say a house is being sold subject to contract. The phrase means that while the house is on the market, the seller is still collecting offers from potential buyers. If you place an offer in such a property, the seller can choose to accept or decline it.
Who is involved in a contract of sale?
Both buyers and sellers will have important roles to play during the course of a sale for it to go smoothly. A contract of sale is an agreement between a seller and a buyer. The seller agrees to deliver or sell something to a buyer for a set price that the buyer has agreed to pay.
When to use proceeds of sale of principal home?
Act reference: SSAct section 1118 (2B) Application of proceeds of sale of principal home To gain an extended principal home sale proceeds exemption for up to 24 months the income support recipient must have a continuing intention to apply the proceeds of the sale to purchase, build, rebuild, repair or renovate a new principal home and have:
Can a property be sold with an under offer?
The contracts will then need to be exchanged. If you are interested in a property that is listed as under offer or Sold Subject to Contract, then you can still purchase this property with a higher offer. It will then be up to the buyer to decide if they wish to go with the higher offer or stick with the current buyer.
