Ask Experts Questions for FREE Help !
Ask
    al-1's Avatar
    al-1 Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Jan 20, 2007, 11:37 AM
    Under contract
    What exactly does under contract means in real estate .
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
    Expert
    		  
    #2

    Jan 20, 2007, 11:50 AM
    It means that a contract has been signed between a seller and buyer but it hasn't closed yet. The parties are waiting for contingencies to be satisfied, inspections to be performed, the title search to be completed and the requirements of the loan commitment to be fulfilled. When all of this has been done and the lender has given their approval then there will be a closing, where the deed and money are exchanged and ownership changes from the seller to the buyer.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Help with my contract [ 3 Answers ]

I have recently listed my property with a real estate agency. Already calls have gone unanswered or returned and we seem to be doing all the work! How do I get out of my six month contract?

Contract for deed [ 2 Answers ]

Is there a way to stop the person who is living on the property from selling it. We are buying it from the deed holder, but he says they can sell it out from under us so to speak.

Is my contract void? [ 7 Answers ]

My wife and I recently purchased what was listed as a 3 bedroom house. A week before the closing I receive a call from my lawyer that the seller could not attain a C/O for a 3 bedroom house because the upstairs converted attic(which was the houses 3rd bedroom) is not up to state code for habitable...

Contract [ 2 Answers ]

Me and my spouse are separated and he has the vehicle but it is in my name we are still making payments. Is it a way to have the contract put in his name?

View more questions Search