What Does Pending Sale or Under Contract mean?
Quite a few times over the past few months, some of you may have heard me use the terms Pending Sale or Under Contract when speaking about properties. You may also come across these labels while browsing listings online. But what do they actually mean?
These terms simply mean that a seller has accepted an offer from a buyer, but the sale has not been fully completed just yet.
At this stage, both parties are moving through the final steps of the transaction. This can include inspections, paperwork, financing approval, and meeting any conditions outlined in the agreement.
In most cases, once a property is marked Under Contract or Pending, it is usually taken off the market while the process is being finalized. However, if something causes the deal to fall through, the property may become available again.
Once all requirements are completed and both parties move to closing, ownership of the property is officially transferred to the buyer.
In simple terms, these terms mean the property is already in the process of being sold, but the transaction has not officially closed yet.