What is the difference between Reserved / Under Offer / Sold STC / Sale Agreed

What is the difference between Reserved / Under Offer / Sold STC / Sale Agreed

Many agents when they agree a sale they mark the property status as either Under Offer / Sold STC / Sale Agreed / Sold - these are all similar in meaning and mean the owner has accepted an offer and the buyer (over the next 3-6 months) is proceeding to moving in. The difference in these terms is covered here - Why-under-offer-or-sale-agreed-and-not-sold

The trouble is with this system in the UK, is legally the buyer and seller could spend months getting legal work done and spend thousands of pounds, then the other side pull out on a whim. Leaving you high and dry, out of pocket and now cannot move. This could have wasted six months. In the UK around 1/3 of sales fall through like this.

There is a way of stopping this that is now UK Government and Law Society approved - At Cooper Adams we offer Reservation agreements - legal agreements that lock in buyer and seller and stop them pulling out, unless a strong reason or a reason out of their control. Click here for more details.  

If you want to sell or buy and want security and certainty - we would love to help.