Navigating the 'Sold STC' Phase In the property market, 'Sold STC' (Sold Subject to Contract) indicates that a seller has accepted an offer from a buyer, but the sale hasn't yet become legally binding. This status allows both parties to proceed with necessary checks and legal processes before finalizing the transaction. It's important to note that during this phase, the property may still be visible on listings, and other buyers can potentially make offers, a practice known as 'gazumping'.
Implications for Sellers For sellers, marking a property as 'Sold STC' effectively signals that it's under offer, and the conveyancing process can commence. This stage involves solicitors from both sides working to complete the legal transfer of ownership. Sellers should be aware that until contracts are exchanged, there's a risk of the sale falling through if either party decides to withdraw.
Considerations for Buyers Buyers entering the 'Sold STC' phase should conduct thorough due diligence, including property surveys and searches, to ensure there are no hidden issues. Utilizing tools like a stamp duty calculator and reviewing the council tax table can provide clarity on additional costs. Buyers interested in properties suitable for investment portfolios or those that are chain free should remain proactive during this stage to mitigate risks associated with potential gazumping.