glossary of terms

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Listed alphabetically below are definitions of a few key terms used in the buying and selling process.

fixed price

The property is being marketed for sale at a 'fixed price', not for example as 'offers over' or 'offers in the region of'.

under offer

A property sale typically includes the following elements: price, the settlement date i.e. when the keys are presented (the date of entry) and the items included in the price. Once those main elements have been agreed and a written offer submitted your selling solicitor will normally regard the property as 'Under Offer'. This stage is between the agreement in principle and the conclusion of a legally binding contract.

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