House Is under Contract Means

If you`re a homeowner, you may have heard the phrase «house is under contract» thrown around. But what does it actually mean?

When a house is under contract, it means that a buyer has made an offer on the property and the seller has accepted it. However, the sale has not yet been completed. The contract will outline certain conditions that need to be met before the sale can go through. These conditions can include things like a home inspection, appraisal, or the buyer securing financing.

During this time, the house is considered «off the market» and is no longer available for other potential buyers to make offers. The length of time a house is under contract can vary, but it typically lasts between 30 and 60 days.

For sellers, having their house under contract can be a relief as it means they are one step closer to completing the sale. However, it`s important to note that until the contract is fully executed and all conditions are met, the sale is not final.

For buyers, having their offer accepted and the house under contract can be exciting, but it`s important to remain patient as the process can take some time. It`s also important for buyers to thoroughly review the contract and understand the conditions they need to meet in order for the sale to go through.

In summary, when a house is under contract it means a buyer has made an offer and the seller has accepted, but the sale has not yet been completed. The length of time a house is under contract can vary, and both buyers and sellers should understand the conditions outlined in the contract in order to ensure a successful sale.