![]() When a property is officially ‘sold’, it means the property has settled and transferred into the buyers' name or names. Barring some unforeseen event, all you need to do is wait for the settlement date to roll around. If you purchased a property and the contract is unconditional, the property is not quite yours yet, but it is going to be. When a property is unconditional, all of the terms and conditions of the contract have been satisfied, which basically means the contract can no longer fall over. Unconditional is the limbo stage between a property being ‘under offer’ and ‘sold’. If any of the conditions on the contract aren’t met, the contract will ‘fall over’ and the deal will be off. Whether it's awaiting something simple, like finance approval, or something a little more complicated, like a subject to settlement clause, it’s essentially time for the buyer and seller to do their due diligence. Under offerĪs already discussed, under offer – also known as ‘under contract’ or ‘conditional’ – means there’s an offer on the property that has been accepted and a contract has been signed, but not all the terms and conditions have been satisfied. If you’re an inexperienced buyer, it might be sensible to seek out schooling on what it all means so you don’t miss out on any upcoming real estate deals. Take ‘under offer’ and ‘conditional’ – both of which can mean the same thing – as examples. There’s no shortage of real estate jargon that can easily confuse buyers new to the property market. Real estate jargon lesson: Under offer, unconditional, and sold But it doesn’t mean the property will definitely be sold. Marking a property’s online advertisement as ‘under offer’ can serve as a final warning to interested parties that it's about to be snapped up for good. Even if a contract has been signed by both the buyer and seller, its conditions need to be met before the property is sold. It typically takes time for certain conditions within a contract, such as building and pest reports or finance approval, to be satisfied. The actual sale can sometimes occur weeks later. Thus, the house is technically still for sale. But, while both parties have agreed on a price and terms and conditions, the contract isn’t finalised and the sale hasn’t been completed. When a property is ‘under offer’, it means a wishful buyer has submitted an offer that the seller has accepted. So what does it really mean when a property is under offer? What does "under offer" actually mean? ![]() ![]() But, perhaps confusingly, they’re still showing up in the ‘for sale’ section. If you’ve ever browsed through the houses listed for sale on sites like Domain or, you’ve likely noticed many properties displayed as being ‘under offer’. How to make the right offer on a property Real estate jargon lesson: Under offer, unconditional, and soldĬan you put an offer on a property that's under offer?
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