What does 'under contract' mean in a real estate transaction?

When a property is 'under contract,' it means the buyer and seller have signed a purchase agreement and the sale is in progress, but the transaction hasn't closed yet. During this period, various contingencies like inspections, appraisals, and financing are typically finalized before the deal is completed.

If a property is under contract, can another buyer still make an offer?

Once a property is under contract, it's no longer available for other buyers to make offers. However, if the original deal falls through due to failed contingencies or other reasons, the property may return to the market and become available again.

Under Contract: What does it mean?

By Anne-Britt OstlundFebruary 7, 20231 min read

What does it mean when you are ‘under contract’? Keep watching to learn more!

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Frequently Asked Questions

What does 'under contract' mean in a real estate transaction?: When a property is 'under contract,' it means the buyer and seller have signed a purchase agreement and the sale is in progress, but the transaction hasn't closed yet. During this period, various contingencies like inspections, appraisals, and financing are typically finalized before the deal is completed.
If a property is under contract, can another buyer still make an offer?: Once a property is under contract, it's no longer available for other buyers to make offers. However, if the original deal falls through due to failed contingencies or other reasons, the property may return to the market and become available again.