Under option and under offer, you see it more and more on housing websites like funda, but what does it really mean? Do you still have a chance of finding your new dream home, or should you resume your search? In this blog we explain to you exactly what the terms mean and what this means for your house search!
Under bid significance
Under offer, in short, means verbal agreement between seller and prospective buyer.
When you see "under offer" on a property, you can assume that the seller and prospective buyer have reached a verbal agreement. Because of the written requirement, we cannot yet speak of an official sale, because the purchase agreement has not yet been signed by both parties. The real estate agent uses this term to indicate to other candidates why no more viewings will be scheduled. Depending on how quickly the purchase agreement is drawn up and signed, the change to 'sold' or 'sold subject to conditions' will follow. Tip: thanks to the digital sales contract from Eerlijk Bieden , the sales contract can be created in one click!
Does that mean you won't have a chance at this property at all? Well, in theory, you might still be able to buy the property. Should the seller or prospective buyer withdraw before signing, the property will simply be released and new viewings can be scheduled. If the purchase agreement has already been signed by both parties, only the buyer can still abandon the purchase within the legal three-day cooling-off period.
Under option meaning
Under option means in short: prospective buyer has right to buy the property within a certain period of time
You will never come across this term in existing construction and it usually applies to new construction homes. For new construction homes, you usually need to register. When several candidates show interest, the property may be raffled off. The prospective buyer who is eventually assigned and is still interested in the home is given the contractor's "option" to purchase. This option is valid during the period from informal allocation to the official signing of the purchase and construction agreement.
The option expires if the prospective buyer renounces the purchase at the start, or in the meantime. At that time, a new lottery will be held, or the property will go on sale separately.