What Does “Under Contract” Really Mean In Real Estate?

Do you ever wonder what “under contract means?” When something is “under contract,” an agreement has been made, also known as an offer, has been accepted, but the contract terms have not yet been fully fulfilled or completed. Some examples of the terms that need to be fulfilled might be financing, inspections, or an appraisal. And so when a house is listed as “under contract,” for the status, a buyer has made an offer, and the seller has accepted it, but the sale has not yet closed.  

When you see that a house is “pending,” that means that all of the conditions and contingencies have been released, and the buyer and seller are just waiting for their closing date.  

More questions about real estate terminology?  Contact one of our agents at Castle Rock Realty to be your guide.