What does active under contract mean?

Under a standard lease, if your tenant stops paying rent, you can terminate the lease. However, if you have a lease with an option to renew, then you can't terminate the lease until the option to renew has expired. But under an active under contract lease, if your tenant stops paying rent, you can terminate the lease immediately without waiting for the option to expire.

What does active under a mortgage mean?

With an active mortgage, you have a home loan that's in the process of being repaid. You can't officially own the mortgage until the loan is paid off, but you can request records and see if there are any late payments. Under a mortgage, you're responsible for making payments to the lender. If you stop paying, the lender can legally take back the property and place a lien on it.

What does active under contract expire mean?

A tenant under active under contract typically has a lease agreement that automatically renews every month unless you give them notice of the renewal. However, the renewal date is often the first of the month, so they may end up paying rent on the same property for another month even after you terminate the lease.

What does active under lease mean?

Leasing a commercial property means that you have a legally binding agreement to continue paying the rent each month and using the space for the remainder of the term – which can run indefinitely. However, with an active under lease agreement, the tenant is responsible for insuring the building and maintaining the property in good condition. An under lease agreement is considered “active” if the tenant continues to pay the rent each month. Under lease agreements are not the same as a month-to-month lease.

What does active under contract mean in mortgage?

The term “active under contract” refers to the loan-to-value (LTV) ratio on the loan. The LTV ratio is the amount of the loan as a percentage of the appraised value of the property securing the loan. Typically, the LTV ratio is 80% or less. If the LTV ratio is greater than 80%, the lender can terminate your loan and take your house until you refinance.