Buying and selling a house can be daunting and overwhelming, especially with all the property jargon that is used. The link below is a guide explaining some of the most frequent terms within the industry:
Sold STC
Sold subject to contract. This means a deal at a certain price has been agreed by the buyer and seller, however nothing is legally binding until the exchange of contracts. This means that until contracts are signed later down the line, either party can pull out of the transaction.
Chain
Most people need to sell their current home to be able to afford to buy the next one, and the people they sell it to need to sell their home as well. This is what is meant by a ‘chain’ and if one link pulls out, the whole chain can collapse. An ‘upward’ chain is everyone who is above you, and a ‘downward’ chain is everyone below you.....