What does active under contract mean in realty?

If you own an investment property, you should always know the status of your mortgage if you are a tenant in good standing. After all, you want to have a clear idea of the status of your property and the situation of the mortgage if you need to vacate your unit to make repairs. The term “active under contract” is used when a tenant’s lease is still in effect even though the tenant is in default. In this case, the tenant does not have the right

What active under contract means in real estate?

Under contract simply means that you signed a contract to purchase a property at a specific price. It does not indicate whether or not you have the funds to complete the transaction. This is a critical distinction to make. It does not mean that you have to pay the full purchase price in cash. However, there may be other conditions to buying the property, such as a home inspection or some combination of repairs that the seller is responsible for.

What does active under contract mean in real estate agent?

If you’ve ever gone to a house that an agent has shown you, you’ll immediately notice that there is a lock box on the front door. The agent will have the key to that lock box, and it will contain the keys for the house. The agent will hand out keys to potential buyers and their representatives as they show the property. This keeps the keys from getting into the wrong hands. Without this key, the potential buyer would not be able to enter the home to

What does active under contract mean in real estate transactions?

When a homeowner or tenant signs a lease or agreement to purchase a property, they generally put down a security deposit. This is the amount of money needed to secure the property until the buyer or tenant can officially take over the home or apartment. Once the deposit is paid in full, the buyer or tenant is considered the owner of the property until the remaining balance is paid.

What does active under contract mean in real estate law?

To determine whether a property is under contract or not, you need to look at the deed. If the deed states that the property is “subject to a life estate” or “subject to a lease,” then it is not free and clear and thus not available to the buyer.