"sold subject to contract" ...what now?

ipri

Hi..when a property gets to the "sold subject to contract" stage...what processes need to be completed before it goes to "sold"...? how long should this take?..thanks.

Buzby

Usually based on a full acceptance of the offer made by the potential purchaser (or any subsequent variation both parties agree to).

There is no defined time limit, as the seller decides when to end the negotiation phase. This could be a formal contract exchange (meaning the deal has been concluded) or the purchase fails and the property is once again open to bids.

ipri

Thanks...When the house gets to thr "Sold STC" stage...is this when things like the search / surveyors get done to slow things down?

casualwalks

ipri wrote: »

Thanks...When the house gets to thr "Sold STC" stage...is this when things like the search / surveyors get done to slow things down?

****deleted, misread the post****

ipri

Sorry to be slow...but..are you saying that when the "sold STC" sign goes up, the search etc has already been carried out?

Jangin

Surely searches and surveys take place prior to exchange.

jb32hss

sold subject to contract is exactly what it says on the tin, the house is as sold, though depending on and up until the exchange of contracts.

when we put in an offer on our first home we asked for it to be taken off the market, after checking the estate agenst (oystons) website and the 'for sale' sign outside the house, the 'for sale' sign was changed to sold within 4 days and the website changed to sold stc after a week.

following this all searches and surveys were done before the exchange of contracts, otherwise you wouldnt be able to exchange/complete.

from sold stc to complete we were told 10-12 weeks, it has been 3 weeks up to now for us (though it seems like forever) and we should be completing in the next 2-3 weeks, just waiting on searches to come back and the lender to change the 'freehold' they have on the system to 'leasehold' as they had the wrong info.

hope this helps?

JB

casualwalks

ipri wrote: »

Sorry to be slow...but..are you saying that when the "sold STC" sign goes up, the search etc has already been carried out?

Sorry about that, I misread your post. When an offer is accepted this is SSTC. Searches and surveys are then carried out. If all is fine, then contracts are exchanged and both parties must then complete on the house.

choccyface2006

I agree with the last two posters, we viewed a house a week ago today, agreed a price on Sunday, mortgage approved on Tuesday and it went to SSTC on Wednesday, the survey and searches are going to take two weeks, and exchange shouldnt be too long after but not getting my hopes up!

Sarah

choccyface2006

casualwalks wrote: »

Sorry about that, I misread your post. When an offer is accepted this is SSTC. Searches and surveys are then carried out. If all is fine, then contracts are exchanged and both parties must then complete on the house.

From my understanding yes

Lavendyr

ipri wrote: »

Hi..when a property gets to the "sold subject to contract" stage...what processes need to be completed before it goes to "sold"...? how long should this take?..thanks.

Depends on the estate agent and their policies but I'd say that once you exchange on the property it goes to "sold"..as it is at the point of exchange that the sale no longer becomes "subject to contract".