What Does in Contract Mean Streeteasy
When it comes to real estate, understanding the language and terminology used in contracts is essential. If you’re currently in the process of buying or renting a property, you may have come across the phrase “in contract” on StreetEasy. But what exactly does this term mean?
In simple terms, “in contract” means that a property has an accepted offer and is currently in the process of closing. This means that the seller has accepted an offer from a buyer, and both parties have agreed to the terms of the sale or rental agreement. However, the sale or rental is not yet fully completed, as there may still be several steps to go through before the deal is finalized.
For example, in a home buying situation, the buyer will typically need to provide a down payment and obtain financing, while the seller will need to provide legal documents and complete any necessary repairs. In a rental situation, the tenant may need to provide a security deposit and sign a lease agreement, while the landlord will need to verify their income and employment status.
It’s important to keep in mind that “in contract” does not necessarily mean that the deal will go through. There are many potential reasons why a sale or rental agreement could fall through, such as a buyer’s financing falling through or a seller deciding to back out of the deal. However, once a property is “in contract”, it is generally considered to be off the market for any other potential buyers or renters.
If you are interested in a property that is currently “in contract”, you can still express your interest to the seller or their representative. They may be willing to consider a backup offer in case the original deal falls through. However, keep in mind that there is no guarantee that the seller will accept a backup offer, and you may need to wait until the property becomes available again before you can submit an offer.
In summary, “in contract” means that a property has an accepted offer and is currently in the process of closing. While this term indicates that a deal is likely to go through, it’s important to remember that it is not yet final and there is still a chance that the sale or rental agreement could fall through. As a potential buyer or renter, you can still express your interest in the property, but you may need to be patient and wait until it becomes available again if the current deal falls through.
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