The Real Estate Purchase Contract. Also known as a contract to purchase real estate or a residential purchase agreement, a real estate purchase contract is a binding, bilateral agreement between two or more parties with legal capacity for the purchase, exchange or other conveyance of.
Likewise, people ask, what is a contract home?
Buying a house on contract simply means agreeing to buy a house and entering into a contract with the seller. The buyer and seller will agree to a purchase price as well as other terms. The buyer usually agrees to make an initial down payment and then a number of regular payments.
What does it mean to put a contract on a house?
Under Contract means that an offer has been accepted on the property subject to whatever contingencies the buyer has asked for such as inspections, financing, needing to sell a house etc. Most sales take 45-60 days to close. If you are truly interested you can submit a "backup offer" on the property.
What does the term option mean in real estate?
Q: What does it mean when it says "option" as the status for a listed property? - Shannon, St. Louis. A: It means that the property is under contract and that they are doing the building inspections, checking the insurance status, etc. This is the "walk away" period when the contract is at it's most vunerable.