Putting a house under contract is a significant step in the home-buying process. It means that the buyer and seller have agreed on the terms of the sale, and a legally binding contract has been signed. The contract outlines the details of the transaction, including the purchase price, closing date, and any contingencies.
When a buyer puts a house under contract, it typically involves a few key steps. First, the buyer submits an offer to the seller. This offer typically includes the purchase price, any contingencies, and a proposed closing date. The seller can either accept, reject, or counter the offer.
Once the buyer and seller agree on the terms of the sale, they sign a contract. This contract outlines the details of the transaction, including the purchase price, closing date, and any contingencies. Contingencies are conditions that must be met before the sale can be completed. For example, a buyer may include a contingency that the sale is contingent upon a home inspection showing no major issues.
Once the contract is signed, the buyer typically provides an earnest money deposit to show that they are serious about the purchase. This deposit is held in an escrow account until the sale is finalized.
Putting a house under contract is a critical step in the home-buying process. It allows the buyer to secure the home they want while ensuring that the seller is committed to the sale. It also provides a framework for the sale, outlining the terms and conditions that must be met before the sale is completed.
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