What Does under Contract Mean on a House
When you see the sign «under contract» on a house, it means that the property has already received an offer from a potential buyer. In simple terms, «under contract» means that the seller has accepted an offer from a buyer, and both parties have signed a legally binding contract agreeing to the terms and conditions of the sale.
Typically, when a buyer shows interest in a property, they will make an offer to purchase the house. Once the seller accepts the offer, the property goes under contract, and the buyer has a certain number of days to conduct inspections and secure financing. During this time, the property is usually taken off the market, and no further offers are accepted.
The period when a house is under contract can range from a few days to several weeks, depending on various factors, such as the complexity of the sale, the buyer`s financing options, and the seller`s preferred closing date.
If you`re a potential buyer interested in a house that`s already under contract, it`s important to understand that the property is no longer available for sale until the contract is finalized, or the buyer backs out of the sale. As a result, you`ll need to keep searching for other properties or wait for the contract to expire before placing a bid.
For sellers, receiving an offer and accepting a contract is a significant step towards selling their property. It`s important to work with a real estate agent who can help navigate the complex process of selling a house and ensure that all the terms and conditions of the contract are met.
In conclusion, when you see the sign «under contract» on a house, it means that the property has already received an offer and is in the process of being sold. Understanding the meaning of «under contract» is crucial for both buyers and sellers to make informed decisions about the sale of a property.