If you`re in the process of buying a house, you might have come across the term « under contract. » It`s an important phrase that signifies that the home you`re interested in is not available for sale any longer. In this article, we`ll discuss what « under contract » means and what you should know as a home buyer.
First, let`s start with the definition. « Under contract » means that a seller has accepted an offer from a buyer and both parties have signed a contract outlining the terms of the sale. This agreement details all the conditions of the sale, including the price, the move-in date, any contingencies, and more. Once the contract is signed, the property is considered « under contract » and is no longer available for other buyers to make offers.
Typically, when a home is listed as « under contract, » it means that the buyer and seller are in the middle of the closing process, which can take anywhere from a few weeks to a few months. During this time, the buyer will be working through the contingencies outlined in the contract, such as home inspections, financing, and appraisals, to ensure that the home meets their expectations. If any issues arise during this process, the buyer may have the right to walk away from the deal.
So, what does « under contract » mean for you as a home buyer? First, it`s essential to understand that once a property is « under contract, » it`s off the market. You won`t be able to make an offer on the home, even if you believe you can make a better one. It`s also important to note that just because a home is under contract doesn`t necessarily mean that the sale will go through; there`s always a chance that something could fall through during the closing process.
If you`re interested in a home that`s under contract, it`s essential to keep an eye on it. If something falls through during the closing process, the property may become available again. Additionally, if you`re looking to buy a home, it`s helpful to work with a real estate agent who can help you navigate the buying process and keep an eye out for new listings.
In conclusion, « under contract » means that a home is no longer available for sale because the seller has accepted an offer from a buyer, and both parties have signed a legally binding contract outlining the terms of the sale. As a home buyer, you should understand that the property is off the market and keep an eye on it in case anything falls through during the closing process. Working with a real estate agent can be helpful throughout the buying process.