“STC” in the context of a property sale stands for “Sold Subject to Contract.” When a property listing is marked as “Sold STC,” it means that the seller has accepted an offer from a buyer, but the sale is still subject to the completion of certain conditions and the signing of a formal contract.
Key points about “Sold STC”:
- Accepted Offer: The seller has agreed to an offer from a buyer, and both parties intend to proceed with the sale.
- Subject to Contract: The sale is contingent upon the completion of certain legal and contractual obligations. This typically includes the buyer’s due diligence, property surveys, and the negotiation and signing of a formal contract.
- Not Yet Exchanged Contracts: The formal exchange of contracts has not yet taken place. Until contracts are exchanged, either party can withdraw from the transaction without legal consequences.
- Process Before Completion: The “Sold STC” phase is part of the process leading up to the completion of the property sale. During this period, the buyer’s solicitor carries out necessary legal work, and both parties negotiate any outstanding details.
- Market Status: While a property is marked as “Sold STC,” it is considered under offer but not officially sold. Other potential buyers may still express interest, and the property may return to the market if the current sale falls through.
Once the legal and contractual requirements are met, and both parties are satisfied, the sale progresses to the exchange of contracts and then completion, at which point the property is officially sold, and ownership is transferred to the buyer.
