As a professional, I understand the importance of writing articles that are both informative and optimized for search engines. In this article, I will be discussing the real estate term «active under contract» and how long a property can be in this status.

Active under contract is a real estate term used to describe a property that is currently under contract but still available to show and accept backup offers. This means that the seller has accepted an offer from a buyer, but the contract is still in the contingency period. During this time, the buyer has the opportunity to inspect the property, obtain financing, and ensure that all contingencies are met before the sale becomes final.

The length of time a property can be in an active under contract status varies depending on the terms of the contract and the state where the property is located. In most cases, the contingency period is between 30 and 45 days, but it can be longer or shorter depending on the buyer`s needs and the seller`s preferences.

During the contingency period, the seller is prohibited from accepting any other offers on the property. However, if the buyer does not meet any of the contingencies outlined in the contract, the seller can cancel the contract and put the property back on the market.

It`s important to note that being in an active under contract status does not guarantee that the sale will go through. There are still certain risks involved, such as the buyer`s financing falling through or a problem with the property`s inspection. It`s also possible for the buyer and seller to negotiate changes to the terms of the contract during this time, which may result in a delay in the closing process.

In summary, active under contract is a common term used in real estate to describe a property that is under contract but still available to show and accept backup offers. The length of time a property can be in this status varies depending on the terms of the contract and the state where the property is located. While being in an active under contract status may signal progress towards a sale, it`s important to understand that the process can still be uncertain and subject to change.

Publicado: 3 marzo, 2022