What does active under contract mean in real estate?

With an active listing, the owner is still marketing the property with a Realtor. However, the seller isn’t in control of the marketing. Instead, the listing agreement gives the buyer’s agent control over the advertising, pricing, and marketing for the property. For example, if the market is hot and the seller’s Realtor is trying to move the property quickly, the buyer’s agent might lower their price in an effort to attract more potential buyers

What does active under contract mean in real estate Ohio?

When a buyer signs a purchase agreement, they are under a contract. Once the contract is signed, the buyer becomes the owner of the property until the sale is completed. However, there is a small caveat. The seller does not have to complete the sale if the buyer fails to perform the terms of the agreement. This is known as the “failure to perform” clause. Under this clause, the seller has the right to terminate the contract. However, this is where the active under

What does active under contract mean in Michigan?

When a seller contracts with a buyer to sell their home, they are said to be under contract. If the buyer fails to close the deal, the seller has a right to terminate the sale agreement and receive a full refund of their down payment and any other costs incurred.

What does active under contract mean in commercial real estate?

When a commercial tenant signs a lease, they generally have two options: They can pay a security deposit to the landlord and sign an active lease or under contract. If they choose the under-contract option, they typically have a certain amount of time to pay the remaining portion of the lease payment. Once the tenant pays off the remaining balance, they officially have a signed lease and are no longer operating under contract.

What does active under contract mean in real estate Texas?

Buying a home under contract is similar to buying a car or renting an apartment. In all three scenarios, you have to put down a deposit. The difference is that, in the case of buying a home, you have to hold off on taking possession until the sale is complete. When you sign a contract to purchase a house, you also sign a deed of trust. This acts as a loan that the seller will hold until you complete the sale. At that point, you become the legal owner