Under Offer
Under offer is a term used in the property market to indicate that an offer has been made on a property and accepted by the seller, but the sale has not yet been legally finalized. It signals a commitment between the buyer and seller, pending completion of various legal and procedural steps.
What is Under Offer?
When a property is described as "under offer," it means that a potential buyer has made a formal offer to purchase the property, and the seller has accepted this offer. However, this stage in the property buying process is not legally binding; the sale is subject to contract, meaning the legal paperwork and processes required to complete the transaction are still in progress. During this period, several important steps take place, including property surveys, searches, and obtaining mortgage approval.
Being "under offer" is a significant milestone in the sale process, indicating that the seller is tentatively committed to selling the property to the prospective buyer. However, until contracts are exchanged, either party can still withdraw without legal repercussions. The term is commonly used in the UK and some other countries' real estate markets, and properties at this stage may still be listed as available by estate agents until the sale is more secure.
The period when a property is under offer can be tense for both buyers and sellers, as it involves a lot of uncertainty and the potential for the deal to fall through. Buyers, in particular, may wish to proceed quickly to exchange contracts and secure the sale.
Frequently Asked Questions
Under Offer is a term that you may have heard before, but you might not be sure what it means. Here are some common questions and answers to help you understand what it means.
