What Is the Difference between under Offer and Sold Subject to Contract in Scotland

In the Scottish property market, it`s common to come across the terms “under offer” and “sold subject to contract”. These phrases indicate that a property is in the process of being sold, but they have different meanings and implications. Here`s what you need to know about the difference between the two.

Under offer

When a property is listed as “under offer”, it means that an offer has been made to purchase the property, but it has not yet been accepted by the seller. This means that the property is still available for other potential buyers to make offers on it.

An under offer property is essentially in a state of limbo. The seller can choose to accept the existing offer, reject it, or wait for other offers to come in. The status of “under offer” can last for several weeks or even months, depending on how long it takes to finalise the deal.

If you`re interested in a property that`s under offer, you can still make an offer yourself. However, you may find that the seller is less likely to accept a lower offer if they already have one on the table.

Sold subject to contract

When a property is listed as “sold subject to contract”, it means that an offer has been accepted by the seller and the sale is in progress. However, the sale has not yet been completed, as certain conditions and legal processes still need to be met.

The term “subject to contract” means that the sale is still conditional on certain factors, such as the completion of surveys, searches, and other legal requirements. This means that there is still a chance that the sale could fall through if these conditions are not met.

Once the sale is complete, the status of the property will change to “sold”. At this point, the new owner will take possession of the property and the sale will be finalised.

Understanding the difference between under offer and sold subject to contract is important if you`re buying or selling a property in Scotland. If you`re a buyer, it`s important to know whether a property is still available for offers or if it`s already in the final stages of the sale process. If you`re a seller, you`ll need to keep track of the status of your property to ensure that the sale proceeds smoothly.