Both mean an offer has been accepted and neither is binding on anyone in England and Wales. Until contracts are exchanged, either side can walk away, change the price, or accept a different offer — and that is legal, not sharp practice.
buying
What "sold subject to contract" and "under offer" really mean
Both mean an offer has been accepted and neither is binding on anyone in England and Wales.
- 1 min read
- Updated 21 September 2026
Part 1 of 3
The stages, and when it becomes binding
| Stage | What has happened | Binding? |
|---|---|---|
| Under offer / sold STC | An offer has been accepted in principle | No |
| Memorandum of sale issued | The agent records the agreed terms and the parties' solicitors | No |
| Searches and enquiries | Conveyancing work under way; survey usually done | No |
| Exchange of contracts | Contracts signed and exchanged; completion date fixed | Yes |
| Completion | Money moves, keys handed over | Done |
Scotland works differently: an offer accepted through the formal missives process becomes binding much earlier, which is why Scottish buyers do their survey before offering rather than after.
The practical consequence in England and Wales is that the gap between acceptance and exchange is the risky period, and the way to shorten it is to have your finances, solicitor and survey lined up before you offer.
Part 2 of 3