When it comes to the real estate market, there are various terms and phrases that can be confusing for both buyers and sellers. One such distinction is the difference between a house being under offer and sold subject to contract. Let’s delve into these terms to understand what they mean and how they affect the buying and selling process.
House Under Offer
When a house is listed as «under offer,» it means that a potential buyer has made an offer to purchase the property, which the seller has accepted. However, the sale has not yet been completed, and the property remains on the market until the exchange of contracts. The «under offer» status indicates that the seller is willing to entertain other offers but may prioritize the current offer.
Read more: what is the difference between a house being under offer and sold subject to contract.
Sold Subject to Contract
When a house is listed as «sold subject to contract,» it means that the seller has accepted an offer from a buyer, and the contracts have been exchanged. This status indicates that both parties have agreed to the terms and conditions of the sale, and the transaction is legally binding. The property is no longer actively marketed, and the sale is in the process of being finalized.
Read more: what is the difference between a house being under offer and sold subject to contract.
Understanding the difference between these two terms is crucial for both buyers and sellers. It helps provide clarity on the current status of a property and the likelihood of a successful sale. For buyers, it allows them to gauge their chances of securing the property, while for sellers, it helps in managing their expectations and considering alternative offers.
However, it’s important to note that the terminology and practices can vary depending on the location and local real estate regulations. It’s always advisable to consult with a real estate professional or lawyer to ensure a clear understanding of the terms and conditions involved in a property transaction.
Keywords: house under offer, sold subject to contract, real estate market, buying and selling process
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