When a property is listed as “under contract” in real estate, it means that a buyer has made an offer on the property and the seller has accepted the offer. However, the sale has not yet been completed, and the property is still technically available for sale until the contract is fully executed.
During the “under contract” period, the buyer typically has a certain amount of time to conduct inspections, obtain financing, and review the terms of the contract before closing the sale. If any issues arise during this time, the buyer may have the right to negotiate with the seller or even back out of the contract entirely.
Once all of the conditions of the contract have been satisfied, the sale will proceed to closing, and the property will officially be sold to the buyer. At this point, the property will no longer be listed as “under contract” and will instead be listed as “sold” in real estate listings.