What does active under contract mean in real estate terms?

Under contract is typically the term used to describe a property listing in which the seller has accepted an offer from a buyer. Both parties have agreed on the price and terms of the sale, but the property hasn't been officially transferred yet.

What does active under contract mean in real estate jargon?

This term refers to a property that is under contract to sell. However, there are a few caveats. It doesn’t mean that the sale is guaranteed to go through. A seller might offer an incentive to the buyer such as a discount or property owner’s association fees, to make the sale more attractive and take the property off the market.

What does active under contract mean in deed terms?

When a contract is signed, it becomes legally binding. An under-contract buyer is legally obligated to complete the purchase. When an under-contract buyer fails to do so, the seller has the right to put the property back on the market. Under-contract buyers are still responsible for paying the listing commission, which is a percentage of the total purchase price.

What does active under contract mean in real estate terms?

A buyer who signs a purchase agreement is said to be under contract. When a home buyer signs a contract to purchase a home, it typically includes a start date and an end date. During the time between the start and end dates, the buyer is said to be under contract.

What does active under contract mean in bill of sale terms?

The under contract part in a bill of sale refers to the amount of money a buyer has still owed to the seller when the sale is finalized. If the buyer fails to pay the full purchase price by the closing date, the seller can sue to recover the remaining debt. However, the bill of sale does not specifically refer to the under contract part in terms of the agreement between the buyer and the seller.