When you see listings that say "Contract Signed" that means that that the buyer has signed a written agreement to purchase the property and given a deposit. The agreement is is also signed by the seller who accepts the offer to purchase. At that point the apartment is no longer shown.
Here in Manhattan thee is a process prior to closing. Board packages must be submitted to coops, as the buyer will have to pass a board interview.The board can reject or approve the buyer. When the buyer is approved, a closing date is arranged with the buyer, seller, their attorneys, their brokers and the coop's closing department. If the buyer purchases a condo, a board package must also be submitted allowing the board to waive their first right of refusal. No board interview is necessary in condos. Once the condo board waives their first right of refusal, a closing date is arranged with the buyer, seller, their attorneys, their brokers and the condo's closing department.
If you have any additional questions feel free to contact me.
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
770 Lexington Avenue, 10th Floor
New York, NY 10065