Definition, Meaning & Synonyms

under-contract

phrase

/ˈʌndər kənˈtrækt/

Definition

A state in which a property or item is bound by a legal agreement between a buyer and a seller, indicating that the seller has accepted an offer from the buyer, but the sale has not yet been finalized.

Examples

The house is currently under-contract, so no further showings are permitted.
Once the buyer’s financing is approved, the property will be officially under-contract.

Meaning

Under-contract signifies that a buyer has made an offer on a property, and the seller has agreed to the terms, but the transaction is still pending completion and legal formalities.