Glossary · GB
Subject to Contract
A status indicating that negotiations or an agreed commercial position are not yet legally binding because formal contracts have not been exchanged or executed.
Belgrave in London
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Around this term
Related terms.
Exchange of Contracts
The stage in an English property transaction when the buyer and seller formally exchange signed contracts, making the agreement legally binding subject to its terms.
Heads of Terms
A summary of the principal commercial terms agreed between parties before detailed contracts are prepared. They are generally subject to contract unless expressly stated otherwise.
Additional Property Surcharge
An additional SDLT charge that can apply when an individual purchases an additional residential property, subject to the applicable rules and exemptions.
Adverse Possession
The legal process by which someone who has openly occupied land they do not own for a qualifying period may apply to become its registered owner. Colloquially 'squatter's rights'.
Amortisation
The gradual repayment of a loan's capital over its term through scheduled instalments, steadily reducing the outstanding balance.
Asking Price
The price at which a property is initially offered for sale by the seller. The final transaction price may be higher or lower.
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