Under offer vs Sold?

[overthehorizon]

Is there difference between the two in reality?

Yes. The big difference is 'under offer' means the sale is not complete. Either party can withdraw from the sale up until contracts are signed. The property is sold when the vendor has received payment, contracts are signed, buyer gets keys and paperwork is gone through to land registry.

Yeah, but SSTC and under offer are used by agents interchangeably. It just means that an offer has been accepted.

Sale agreed as well.

It just means that an offer has been accepted.
It means nothing until the completed contracts are signed.

To clarify: the vendor has accepted your offer but either purchaser or vendor can call off the sale until the final contracts are signed. If you are purchasing, watch out for a penalty clause against the purchaser if completion date is delayed.

Either party can withdraw from the sale up until contracts are signed

Either party can withdraw from the sale up until contracts are exchanged

Signing the contract does not commit either party to anything, it is only when the exchange takes place between the respective solicitors that the contract becomes legally binding.

If you are purchasing, watch out for a penalty clause against the purchaser if completion date is delayed

The only penalty a buyer is likely to come across is if completion is delayed post exchange, something that is terrifically rare. It would be highly unusual to have a penalty clause that could take affect before exchange of contracts had occurred.

It means nothing until the completed contracts are signed

There is a fundamental difference between a contract being signed, and contracts exchanged.

What I'm wondering, might it mean that the buyer hasn't provided proof of funds yet?

Obviously it isn't actually sold until completion. Doesn't stop estate agents marking properties as sold when they're really just under offer.

All very confusing!

Generally you need to provide proof of funds just to make the offer, if not straight after, so it's highly unlikely it means that.

It's exactly what people have said, it's offer accepted but they've not completed.

So why not mark it as sold? That's what's this estate agent generally does.

Because it's not sold until the contracts have been exchanged.

I don't know about that estate agent, but what you're describing is absolutely normal process for every other agent.

Under offer is offer accepted. Proof of funds will have been provided. Likely before the offer was even made, if not it will be very quickly After is in hours,. It means sale agreed. Sold is it's done, it's contracts either exchanged or completed, usually the latter.

There is a difference between the two.

Legally, yes.

Ours is marked as sold on Rightmove however we haven't actually got to exchange yet.

Ours is marked as sold on Rightmove however we haven't actually got to exchange yet

It almost certainly says 'SOLD STC'

I don't think there's an option within Rightmove to display a property with only 'SOLD' without the 'STC' (subject to contract)

Well it shouldn't say sold. Are you sure?