what does pending mean in real estate

In real estate, the term “pending” refers to a property that has an accepted offer from a buyer, but the sale has not yet been finalized. It signifies that the property is under contract and the seller has accepted the buyer’s offer, but there are still certain conditions or contingencies that need to be met before the sale can be completed. These conditions may include inspections, financing approval, or other contractual obligations. During this pending period, the property is typically taken off the market, and the buyer and seller work towards meeting the necessary requirements to close the deal.

what does pending mean in real estate

When a property is labeled as “contingent,” it indicates that there were certain issues that needed to be resolved. However, once these matters have been addressed, the listing status changes to “pending.” This signifies that the deal is nearing completion. Homes are listed as pending because they are currently under contract.

What does STC mean in mortgage?

False

Can we reject offer after accepting?

False

What does under offer mean?

False

Is gazumping ok?

False

What does let agreed mean?

What does let agreed mean?
When a rental property is marked as “let agreed,” it indicates that the landlord has tentatively agreed to rent it to a tenant, pending credit and Right to Rent checks and referencing. Both parties have agreed to move forward with the agreement, although no legally binding documents have been signed yet.

What is the difference between sold and under offer?

Under offer refers to a situation where a buyer has submitted an offer to purchase a property, and the seller has either agreed to it or is still contemplating whether to accept it. On the other hand, sold subject to contract (or sold STC) indicates that the buyer’s offer has been accepted by the seller.

However, it is important to note that until the necessary paperwork is finalized and the contracts are officially exchanged, neither the buyer nor the seller are legally bound to proceed with the sale.

Now, let’s delve into the dissimilarity between exchange and completion:

Exchange refers to the point in the property transaction process where the signed contracts are swapped between the buyer and the seller’s legal representatives. At this stage, both parties become legally obligated to fulfill the terms of the agreement. Typically, a deposit is also paid by the buyer upon exchange.

Completion, on the other hand, is the final stage of the property sale. It is the date when the buyer officially takes ownership of the property and the remaining balance is paid to the seller. This is when the keys are handed over, and the property legally transfers from the seller to the buyer.

In summary, under offer and sold subject to contract signify different stages in the property buying process, where the buyer’s offer is either being considered or has been accepted. However, until the exchange of contracts occurs, neither party is legally bound. Exchange is the point of legal commitment, while completion is the final step where ownership is transferred and payment is made.

What’s another word for under offer?

Under offer, also referred to as under contract or conditional, indicates that there is an accepted offer on the property. The contract has been signed, but the completion of the deal is contingent upon fulfilling all the specified terms and conditions. These conditions may include obtaining finance approval or fulfilling a subject to settlement clause. At this stage, both the buyer and seller are required to conduct their due diligence. If any of the conditions outlined in the contract are not met, the contract becomes void, and the deal is terminated.

Conclusion

What does under offer mean?

Under offer is a term commonly used in the real estate industry to indicate that a property has received an offer from a potential buyer, but the sale has not yet been finalized. It means that the seller has accepted an offer from a buyer, but the legal process of transferring ownership has not been completed. During this period, the property is still technically available for other potential buyers to make offers, although the seller is usually legally bound to give the first buyer the opportunity to proceed with the purchase.

What is another word for under offer?

Another word commonly used to describe a property that is under offer is “sale agreed.” This term is often used interchangeably with under offer and carries the same meaning. It signifies that the seller has accepted an offer from a buyer, and the sale is in progress but not yet completed.

What is the difference between sold and under offer?

The main difference between sold and under offer is that sold indicates that the property has been successfully transferred to a new owner, while under offer means that an offer has been accepted, but the sale has not yet been finalized. Once a property is sold, it is no longer available for purchase, whereas a property under offer may still be open to other potential buyers until the sale is completed.

What does STC mean in mortgage?

STC stands for “subject to contract” and is a term commonly used in the mortgage industry. It means that an agreement or offer is not legally binding until a formal contract is signed by all parties involved. In the context of a mortgage, STC indicates that the terms and conditions of the loan are still being negotiated and finalized, and the agreement is not yet legally enforceable.

What does let agreed mean?

Let agreed is a term used in the rental market to indicate that a property has been rented out and an agreement has been reached between the landlord and the tenant. It means that the landlord has accepted the tenant’s offer to rent the property, and the terms and conditions of the tenancy are being finalized. However, the rental agreement may not be legally binding until all necessary paperwork is completed and signed.

Is gazumping ok?

Gazumping refers to the practice of accepting a higher offer from a different buyer after already accepting an offer from another buyer. While gazumping is legal in some countries, it is generally considered unethical and can lead to frustration and disappointment for the original buyer. It is important for buyers and sellers to communicate openly and honestly throughout the negotiation process to avoid any misunderstandings or unethical practices.

Can we reject an offer after accepting?

In most cases, once an offer has been accepted by both parties, it becomes legally binding. However, there may be certain circumstances where a seller or buyer can reject an offer after accepting, such as if there are issues with financing or if the property does not meet certain conditions specified in the offer. It is advisable to consult with a legal professional to understand the specific laws and regulations in your jurisdiction regarding the rejection of accepted offers.

Sources Link

https://www.sold.co.uk/sell-my-house/what-does-under-offer-mean-when-it-comes-to-property/

https://www.savings.com.au/home-loans/what-does-it-mean-when-a-property-is-under-offer

https://www.zoopla.co.uk/discover/buying/what-is-the-chance-of-a-house-sold-subject-to-contract-not-being-sold/

https://thinkplutus.com/learn/what-does-sold-stc-mean/

https://www.cjhole.co.uk/news/what-does-let-agreed-mean

https://www.propertyinvestmentsuk.co.uk/gazumping/

https://career.io/career-advice/how-to-decline-job-offer-you-accepted

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