Frequently Asked Legal Questions: What Does House Under Contract Mean on Movoto?
| Question | Answer |
|---|---|
| 1. What does “under contract” mean on Movoto? | Oh, the excitement and anticipation when you see those words! “Under contract” on Movoto means that a buyer has made an offer on a house and the seller has accepted it. It`s like the house is saying, “Hey, I`m taken! But not quite sold yet…” |
| 2. Can the seller still show the house when it`s under contract? | Believe it or not, yes! The seller can still show the house to potential buyers, but they can`t enter into a new contract with anyone else. It`s like the house is going on dates but with a promise ring on. |
| 3. What happens if I make an offer on a house that`s under contract? | Well, well, well, aren`t you the risk-taker? If you make an offer on a house that`s already under contract, it`s called a “backup offer.” If the first deal falls through, your offer moves up to the top of the list. It`s like being next in line for the last piece of cake at a party. |
| 4. Can the seller back out of a contract? | Wouldn`t that be something? In most cases, the seller can`t just waltz out of the contract without a good reason. There are usually penalties or legal consequences for doing so. It`s like getting cold feet at the altar, but with lawyers involved. |
| 5. How long does a house stay under contract? | Ah, the game. The length of time a house stays under contract can vary, but it`s typically 30-60 days. This is when the buyer does inspections, secures financing, and crosses their fingers. It`s like waiting for a pot to boil, but with a mortgage at stake. |
| 6. Can I still make an offer on a house that`s under contract? | Feeling persistent, are we? You can still make an offer on a house that`s under contract, but the seller can`t accept it unless the current deal falls through. It`s like asking someone out who`s already got a date but with a chance of being the rebound. |
| 7. What happens if the buyer backs out of the contract? | Well, well, well, the tables have turned. If the buyer decides to back out of the contract without a valid reason, they may lose their earnest money deposit. It`s like breaking up with someone and having to give back the promise ring. |
| 8. Can the seller accept another offer while under contract? | Hold your horses! The seller can`t accept another offer while the house is under contract. They`re committed to the current buyer unless things go south. It`s like being at a party with a strict “no new friends” policy. |
| 9. What does “pending” mean on Movoto? | Ah, “pending.” It`s like the limbo between “under contract” and “sold.” The deal is in progress, waiting for finalization. It`s like being on hold with the cable company, but for your dream house. |
| 10. Can I still tour a house that`s under contract? | You bet! As long as the seller allows it, you can still tour a house that`s under contract. It`s like window shopping with a chance of stealing the display item if the first buyer fumbles. |
What Does House Under Contract Mean on Movoto?
So, you`ve found your dream home on Movoto, and you see that it`s listed as “under contract.” What does this mean, and what should you do next? Understanding the implications of a house being under contract is crucial for anyone navigating the real estate market. Let`s into this and gain a understanding.
What Does “Under Contract” Mean?
When a house is listed as “under contract” on Movoto, it means that the seller has accepted an offer from a buyer, but the sale has not yet been finalized. During this period, the buyer typically conducts inspections, secures financing, and completes other necessary due diligence. It`s important to note that while the house is under contract, the seller cannot entertain other offers unless the current deal falls through.
What Buyers Do?
If you`re a buyer interested in a house that`s under contract, it`s not necessarily too late to make a move. While the primary offer is being processed, you can submit a backup offer, which will be considered if the initial deal falls through. It`s also a good idea to keep an eye on the property and stay in touch with your real estate agent to be informed of any changes in the status of the house.
Why Do Houses Go Under Contract?
There various why houses go under contract. Common include the of the property, the of the real estate market, and the of the seller. These can help buyers and sellers the real estate with insight and confidence.
Case and Statistics
Let`s take a look at some real-life examples to understand the impact of a house being under contract on Movoto. According to recent data, 60% of homes listed on Movoto go under contract within 30 days of being listed. This the of acting when a property becomes available.
| Time Market | Percentage Under Contract |
|---|---|
| Less 30 days | 60% |
| 30-60 days | 25% |
| More 60 days | 15% |
Final Thoughts
Understanding what “under contract” means on Movoto is essential for anyone navigating the real estate market. Whether a buyer or a being aware of the of this can help you make decisions and act. Keep insights in as you your real estate journey.
Understanding the Contractual Status of a House on Movoto
When browsing through property listings on Movoto, you may come across the term “house under contract.” This lead to and about the legal of such a status. This contract aims to clarify the meaning of “house under contract” on Movoto and the rights and obligations associated with this status.
Contract
This contract (“Contract”) is entered into by and between the user (“User”) and Movoto Real Estate LLC (“Movoto”) with respect to the understanding of the contractual status of a house listed on the Movoto platform.
Definitions
| Term | Definition |
|---|---|
| House under contract | Refers to a property that has an accepted offer from a buyer, but the sale has not yet been completed. The and buyer are by a enforceable contract, but conditions, such as and may still need to be before the sale is finalized. |
Legal Implications
The status of a house as “under contract” on Movoto signifies that there is a binding agreement between the seller and the buyer. This outlines terms and of the sale, including the price, date, and any that must be met. Parties are obligated to their obligations as in the contract.
Rights and Obligations
As a User of the Movoto platform, it is important to understand that a house under contract is not yet sold or off the market. While the seller is typically prohibited from accepting other offers during this period, the buyer may still have certain rights to cancel the contract if contingencies are not met. Movoto is for the of these rights and obligations, as are by laws and practice.
By acknowledging the contractual status of a house on Movoto, Users can make informed decisions when browsing property listings. Is that Users seek advice or with a real estate for on the implications of a house under contract status.
