Rental Basics in 50263>Question Details

Tamara Ronet…, Home Buyer in 37129

What does on contract mean? Is that like a leas to own situation?

Asked by Tamara Ronette Wallace, 37129 Sun Apr 19, 2009

Relocating to Des Moines area. Must sell home in Nashville. Will most likely rent a home while looking for the perfect fit before kids go back to school.

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Contract when parties enter into an formal agreement. The terms and conditions are binding each party must follow conditions.

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0 votes Thank Flag Link Thu Aug 13, 2009
"Under contract" means that a buyer and seller have executed a purchase and sale agreement for a property, and no that's not the same as a "lease to own" (aka lease-option) purchase.
0 votes Thank Flag Link Sun Apr 19, 2009
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