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06-November-2019
06-November-2019 12:33
in General
by Admin
Which status should agents use post-offer acceptance: "Sold Subject to Contract," "Sale Agreed," or "Under Offer"?
Property status terminology varies between estate agency firms, and TPO Code of Practice guidelines do not mandate specific wording for property status.
According to the Property Ombudsman, terms such as "Sale Agreed," "Under Offer," and "Sold Subject to Contract" (SSTC) generally indicate that an offer has been accepted, but legal contracts have not been finalized.
A property should only be listed as "Sold" once contracts have officially been exchanged.
Based on Consumer Protection from Unfair Trading Regulations 2008 (CPRs) and National Trading Standards (NTS) Guidance, now superceded by the The Digital Markets, Competition and Consumers Act 2024 (DMCCA), the following points clarify how to avoid misleading marketing:
- Misleading Advertisements: Marking a property as "Sold" or "Sale Completed" when it is merely "Sold Subject to Contract" is dishonest and violates CPR rules.
- "Sold" Label Usage: The NTS Estate Agency Team stipulates that the term "Sold" can only be applied after the exchange of contracts.
- "Sale Completed" Usage: This description should be reserved exclusively for properties where the final completion has occurred.
These guidelines apply to both internal branch advertising and external, on-property signage.
