You may have often heard the phrase SSTC in the property world and wondered what it means. Sold ‘Subject to Contract’ (STC) means that the owner has accepted an offer from a buyer but the paperwork is not yet complete.
SSTC meaning in property selling
“Sold STC” or “SSTC“, means “Sold Subject to Contract” in the property world. This expression is used by estate agents when an offer has been accepted on a property for sale and a price has been agreed between the buyer and the property vendor but the selling contract has not been signed yet so no money has been exchanged.
In other words, the agreement between the seller and buyer is not legally binding. So if you have been looking for a property for sale in Birmingham or across the UK and you see ‘Sold STC’, it may not mean that you have entirely lost your opportunity to buy the property yourself.
According to property portal Rightmove, on average about 15% of Sold STC or UO properties come back on the market as the sale has failed to proceed.
What is the difference between Under Offer (UO) and SSTC?
A house becomes “under offer” when a buyer has made a formal offer to buy the property, but the home-owner is yet to confirm whether they will accept it or not. If the offer is refused then the house remains on the market until to the next formal offer is made. If the offer is accepted, then the property then becomes “Sold STC“.
When the contract is signed and the money transferred, the contract is considered legal.
What does SSTC mean for a property buyer?
Once the property is “Sold Subject to Contract”, solicitors can begin the necessary and legal procedures for the transfer of the property title. At this stage, the parties will negotiate the contract and finalise all the details of the sale before it’s become official. So technically the property is still available for sale at that point.
If you’re looking around at properties for sale and find your dream home is ‘Sold STC’, why not pick up the phone and speak with your local property expert.
Love Your Postcode Group has become one of Birmingham’s top estate & lettings agents thanks to how our group pays attention to each client. With us, you’re guaranteed a trusted partner that employs skilled and experienced staff that anticipates your every need.
Love Your Postcode Estate Agents in Birmingham gives your home maximum exposure online & offline, getting it more views from potential applicants, therefore more offers, and ultimately the highest possible finishing value. This means you end up with more money in your pocket and you enjoy a higher quality service. Call us on 0800 862 0870 or book a free valuation today.