Real Estate Glossary > U > Under Contract Definition

A home where a potential buyer made an offer and signed the Purchase and Sale Agreement The official document received after mutual acceptance on an offer stating the final sale price and all terms of the agreement. , but a successful closing is still contingent Conditions included with an offer on a home that must be fulfilled before the deal can close. If a buyer or seller is unable to satisfy a contingency, then the offer on a home may become void. upon financing and inspections A thorough investigation of a home by a licensed inspector to discover any issues or repairs that need to be made before buying the home. .