What Does under Contract Pending Mean

As someone who is familiar with real estate terminology, you may have come across the phrase “under contract pending” when browsing through listings on real estate websites. But what does it actually mean? In this article, we`ll break down the meaning of “under contract pending” and what it means for both buyers and sellers.

When a property is listed for sale, interested parties will submit an offer to purchase. Once the seller accepts an offer, the property is considered “under contract.” However, this does not mean the sale is finalized. There are many steps that need to take place before the sale can be completed, including inspections, appraisals, and financing contingencies.

During this time, the property is considered “under contract pending.” This means that the buyer and seller have agreed to the sale terms, but the sale is not yet final.

For buyers, “under contract pending” means that they cannot submit an offer on the property. The seller has agreed to sell the property to someone else, and the buyer will have to wait until the sale falls through or the property is relisted.

For sellers, “under contract pending” means that they cannot accept any other offers on the property. They have agreed to sell the property to the buyer under contract, and they must wait until the sale is completed or falls through before accepting other offers.

It`s important to note that even though the property is “under contract pending,” the sale is not guaranteed. There are many reasons why a sale could fall through, such as issues with financing or a failed inspection. In these cases, the property would be relisted, and the seller could accept other offers.

In conclusion, “under contract pending” means that the buyer and seller have agreed to the sale terms, but the sale is not yet final. It`s important for both buyers and sellers to be aware of what this phrase means and the potential implications for their real estate transaction.

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