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Jose, Home Buyer in Staten Island, NY

what does exactly mean when a house is under contract? is the sale official at this point?

Asked by Jose, Staten Island, NY Sat Jan 31, 2009

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We are buy a house,it is a short sale bank approved house. I already had the inspection,s did all paper work,mortgage ect, everything is done.It is under contract is that agood sign.
1 vote Thank Flag Link Mon Sep 5, 2011
Jose,

"Under contract" mean that two willing individuals, a buyer and a seller have agreed to transfer real property. This is not the "official sale." The sale is considered offcial (final) once it "closes." Once closed the new owner takes possession of the property for his/her personal use.
1 vote Thank Flag Link Sat Jan 31, 2009
When a property goes into contingent or pending status it means there is an expected contract. It doesn't mean it's a total dea. There are many things that can change throughout the process. The inspection could go wrong and the buyer doesn't want the property. Financing could change for the buyer which would change their desire to purchase. In this market so many different things can happen. Ask your Realtor to see if the seller will take back up offers if you're really interested in the home. Have a great weekend..
1 vote Thank Flag Link Sat Jan 31, 2009
Hi Jose,

Under contract in a nutshell means that there has been a meeting of the minds between the Buyer and the Seller--in other words they have come to an agreement under the terms which the property will be transferred to the Buyer. However, no sale is official until the transaction closes--which means it has been officially recorder in the public records.

Cheers!
0 votes Thank Flag Link Mon Sep 5, 2011
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