This is one of the most frequently asked real estate questions. Most residential properties for sale in the Cambridge and Somerville market are listed in the Multiple List Service (MLS). In our MLS is a property for sale, ACTIVE (ACT). A property under contract – that is, a property with a signed and accepted offer – can be listed in the MLS in two ways: UAG – Under Agreement. There is a signed and accepted offer. In other words, there is a legally binding agreement between the buyer and the seller. There is nothing more disappointing than finding a home that you find charming just to discover that it is under contract. Although someone may have hit you and made an offer, that doesn`t mean you`re out of luck! There are countless reasons why the transaction could fail: the buyer`s financing does not manifest itself, there are problems during due diligence, or the buyer has not been able to sell his home. As a general rule, agents will continue to accept applications on the property when it is under contract. They can also carry out inspections of the property because it is not “officially sold.” The offer of a property when it is under contract makes it safer for the agent and seller by having additional interested buyers if the first contract is in progress. In any type of real estate transaction, it is important to understand the important real estate concepts used in different situations.
It is always a good idea to consult a competent real estate agent to familiarize yourself with the common real estate conditions. This will help you avoid further confusion. Use our online comparison platform to find the best performing real estate brokers in your area and compare them from homeowner ratings, sales history, commission rates, marketing fees, and more. You will see that contracted real estate is still for sale on real estate sites. This is due to the fact that the contract could fail at any time in different situations, as explained above. If this happens, the property could still be for sale on the market. If, on the other hand, we are only talking about an agreement between two people, nothing can be signed in or below an agreement, so both are valid. Under has an implication that it is a written or legal agreement (similar to something that is “under contract”). You may have seen real estate on many real estate sites listed as “contracted.” But what is the contract? Does that mean being sold? Or is the house still open for sale? Whether you are a first seller or an experienced investor, it is important to understand the terms commonly used in the real estate industry. Let`s be ahead: sellers are almost always the most interested in the amount of money they receive for their home. The challenge for buyers is to know the amount of a reasonable offer. What does it mean if a house is under contract? If a home is under contract, it means that a buyer has made an offer for the house and the seller has accepted, but the sale is not yet final.
When the transaction is completed, the status of the house indicates that the house has been sold. The actual action to give was in the terms of the agreement, the agreement determines the behavior of John So, if we are talking about the actual content of the agreement then use in and when we talk about the resulting actions “under”. A property that is being awaited is usually subject to a home examination, home checks, a soil assessment and a title review, also known as due diligence. During this period (approximately one to two weeks depending on the site), a buyer can terminate the agreement if problems arise, no questions are asked.