"Sale Agreed" is a meaningless term / status invented by EAs to stick on "For Sales" signs to show an interest, real or imagined, in a property.
Following the logic in your post, you seem to agree that nothing is agreed until contracts are signed.
Sale Agreed is a meaningless term / status used as a marketing ploy by EAs, IME as both a buyer and a seller.
"Sold!" based on what you say above... Whenever I see a 'sale agreed' sign I take it as given that a contractual agreement has been reached between the buyer and seller and the property in question is no longer available.
What alternative would you suggest? .....
or "Oooh, they've all gone 'Sale Agreed' according to EA's board".... I did read somewhere once that 30% don't reach the end stage for any number of reasons usually banks don't lend the required sum, the buyer may see a better house, the survey may show up defective issues that's going to cost a lot of money to remedy, the seller may be just testing the market or people simple change their minds.
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