Is under Offer and under Contract the Same Thing

As a copy editor with a strong background in SEO, I am often asked questions about real estate lingo and terminology. One question that frequently comes up is whether “under offer” and “under contract” are the same thing. While these terms may appear similar, they actually have different meanings and implications.

Let`s start with the basics. When a property is listed for sale, interested buyers can submit an offer to purchase. If the seller accepts the offer, they may mark the property as “under offer” or “sale agreed” (in some regions). This means that the seller has accepted an offer from a buyer, but the sale has not yet been completed.

Being “under offer” typically means that the buyer has completed the necessary paperwork and has paid an earnest money deposit to secure the sale. The seller may not accept any other offers on the property while it is under offer. However, the sale is not yet final until the contract has been signed.

Once the buyer and seller have signed a contract, the property is considered “under contract.” In other words, the sale has been legally agreed upon and the parties have entered into a binding agreement. The buyer is typically given a certain amount of time to complete any necessary inspections or financing arrangements, and if all goes well, the sale will be completed and the property will change hands.

So, in summary, “under offer” means that the seller has accepted an offer from a buyer, but the sale has not yet been completed. “Under contract,” on the other hand, means that the sale is legally binding and the parties have entered into a contract.

It`s worth noting that the exact terminology used may vary depending on the region and the specific real estate laws in that area. For example, in some regions, the term “sale agreed” may be used in place of “under offer.” It`s always important to check the specific terminology and laws in your area to make sure you understand the process and any legal implications.

In terms of SEO, it`s important to use the correct terminology and keywords when creating content around real estate transactions. Using the wrong terminology or using it incorrectly can lead to confusion for readers and may even potentially harm your search engine rankings. By understanding the differences between “under offer” and “under contract,” you can provide accurate and helpful information to your readers while also improving your SEO efforts.

Categorised in: Nezařazené

This post was written by thavranek