When is my property LEGALLY SOLD, definition of “Under Offer”, “SSTCM” and “SSTC”
I like to blog about relevant issues based on questions I am asked on a regular basis by sellers and buyers. As you will be aware Rightmove and other Property portals update property listings unless unsold by 3 definitions. Below, I will explain exactly what these mean and the importance of ensuring that there are no unnecessary delays in concluding missives
This means that an offer has been submitted and accepted by the seller and has reached Solicitor stage. This is the very early stages of the missives. When an offer is submitted by a buyer, this is issued to the seller’s solicitor. The next stage is for the seller’s solicitor to take detailed instructions on the offer and issue a formal written acceptance. There is no legal contract in place at this time.
SSTCM – SOLD SUBJECT TO CONCLUDED MISSIVES
This means that the missives are at negotiation stage between the sellers’ solicitor and the buyers’ solicitor. This stage is crucial in both solicitors communicating back and forth with a view to concluding a legal contract. There is some confusion over missives being signed but this is not the case, the missives are basically the offer, formal written acceptance and further formal letters going back and forth between solicitors based on the sellers’ and buyers’ instructions until such time as both parties are satisfied.
SSTC – SOLD SUBJECT TO COMPLETION
This is where you can relax meaning that a legally binding contract is in place also known as the missives until the actual legal date of entry. The difference here is that if a buyer were to withdraw from the purchase at this stage, the contract provides that you can recover costs for breach of contract and compensation due to the withdrawal from the contract.