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Deborah Mall…, Home Buyer in Atlanta, GA

please define the term "under contract"

Asked by Deborah Mallory, Atlanta, GA Sat Apr 17, 2010

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Under contract simply means that all parties are in agreement with respect to the sale/purchase and the contract was executed--signed by all parties; deposit money was exchanged--the deal has not yet closed at this point and no transfer of ownwership has yet occurred.
1 vote Thank Flag Link Sat Apr 17, 2010
Deborah
"Under Contract" generally means that the buyer and seller have agreed to the terms of an offer and have both signed it thereby making it a binding contract. If you are working with a licensed Realtor it is always best to consult with them directly and for legal advice consult a licensed attorney.
Best of luck to you
1 vote Thank Flag Link Sat Apr 17, 2010
Kent and Anna have it covered, but I wanted to add that the term "Pending" is used interchangeably with "under contract"
0 votes Thank Flag Link Thu Apr 22, 2010
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