Sold STCM?

poppysarah

Go on I know Sold Subject to Contracts
what's Sold STCM?

Mortgage?

loki13

Is the house in Scotland?

From rightmove:
The house buying and selling system in Scotland is slightly different in that once offers are made they are legally binding if accepted; there is no 'subject to contract' stage. However the concluding paperwork (known as missives) may in rare cases fall through hence we use Sold Subject to Conclusion of Missives (Sold STCM).

MenstrieBen

almost but not quite!

its a urban legend based on the gentlemans agreements that used to exist between solicitors that it was leagaly binding (in scotland) after offers were accepted - it only becomes legaly binding after the missives are concluded - even then there are stories bon here about people pulling out after the missives stage.

we got stuffed last year when our buyer pulled out on the day we were expecting to conclude missives on our sale as well as purchase leaving us with no option but to do the same. if we had signed the missives potentially we could have been liable for considerable expenses (£30k+ as the house eventualy sold for a lot less than we offered)