Definition of Under Contract

Under Contract in Orange County

The real estate term “under contract” means that a binding agreement exists between a buyer and a seller involving a Mission Viejo property (or any other in Orange County). The buyer and the seller have reached agreement on the terms of the real estate contract. When a Mission Viejo Luxury Home (or other Orange County home) is under contract, the seller may not enter into contract with any other buyer – the reason for this is because the buyer is under obligation to purchase to property from the seller (even though there still might be financing or appraisal contingencies).

 

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