Being under contract refers to a prospective buyer and seller reaching an agreement on a property. At this early stage, both parties are in alignment with the terms of the deal, including the property's price and closing date.
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In real estate, the phrase "under contract" refers to when a seller accepts a buyer's offer to purchase their home. However, the location isn't taken into consideration.
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When a seller accepts a buyer's offer to buy their house, it is said that the transaction is "under contract" in real estate. The place isn't taken into account, though.
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This is very important for both parties. They make agreement upon this.
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