PRORFETY: What Is A Property Under Contract

In real estate the words under contract means that a binding agreement exists between a buyer and a seller involving property. The buyer has made a formal offer and the seller has accepted.

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It simply means that the property is under contract with a buyer.

What is a property under contract. What Does Being Under Contract Mean. Be sure to be very clear regarding what is and is not part of the purchase. If the Seller decides to choose ACTIVE UNDER CONTRACT they are continuing to allow other Buyers into the home in hopes to receive a backup offer.

So typically if a home is listed for sale and the status is ACTIVE UNDER CONTRACT it is still available to show and possible backup offers. When you see Pending on a listing online it means the same as Contingent in the Asheville market. While the property is still under contract all contingencies must be met before the sale is finalized.

In most cases a property is listed as under contract once a buyer has made an offer and the seller has accepted. Most contracts allow for the inclusion or exclusion of personal property such as refrigerators outdoor sheds and other items not attached to the physical property. Heres how to handle this scenario and maybe even get the house.

The contract could still be in the Due Diligence process or it could have moved past that date. Your home will not have a sold status on the MLS until after settlement. Either way the real estate transaction is under contract but hasnt closed yet.

When the transaction is complete the status of the home will show that it has sold. While thats a big step it doesnt mean the deal is done quite yet. If a property is described as being under contract it means that the vendor and the buyer have agreed on a price for the property and signed a contract.

Under ancient legal principles the risk of a fire between contract and closing belonged to the buyer because the buyer became the equitable owner of the property the moment the contract. So if you see a house you love thats under contract dont give up quite yet. This lets the public know that youve accepted an offer but the deal is not complete.

But that contract is still subject to conditions and could fall through before the sale is completed. When a house is under contract it means your official offer has been accepted but the sale isnt yet final. The buyer has made a formal offer and the seller has accepted.

On the Multiple Listing Service MLS the status of your property will change from active to under contract or pending. The property sale is not complete however so you can still enquire about it and make an offer of your own. When a home is active under contract it means that a buyer has made an offer on the home and the seller has accepted but the sale is not yet final.

When a property is being sold Subject to Contract STC it means the seller has accepted an offer from a buyer. The buyer and the. So step 4 in the above list.

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