When a house is under contract what does that mean?

Under Contract Definition When a home is under contract it means that a buyer has made an offer on the home and the seller has accepted but the sale is not yet final. While the property is still under contract, all contingencies must be met before the sale is finalized.Click to see full answer. Herein, how long can house be under contract?The closing stage of the home buying process typically takes 30 to 45 days (and even up to 60 days under certain markets during peak periods).One may also ask, can you still show a house that is under contract? A home can still be shown, even if you have a contract signed by the seller. If inspections, the appraisal and your mortgage approval go as planned, the home is as good as yours because you’re under contract. However, a seller can’t cancel on you simply because they receive a better offer. In this regard, when a property is under contract what does that mean? Under Contract Definition When a home is under contract it means that a buyer has made an offer on the home and the seller has accepted but the sale is not yet final. While the property is still under contract, all contingencies must be met before the sale is finalized.What happens after house is under contract?Once a house is under contract, that means the buyer made an offer on the house, and the seller accepted that offer, but the sale is not final. The transaction needs to be complete for the status of the house to change to Sold.