Multifamily Property For Sale - In Contract what do they mean by in contract?

When they say a property is For Sale In Contract chat do they mean by that? Is it that they are willing to sell the property on Contract?
In Buying Property - Asked by Tyson B. - Mar 2, 2010
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Answer(s)

Ranji B.
Owner/Investor
Norwalk, CA

When a property is In Contract, it basically means that an offer on the property was accepted by the seller and it is now in the escrow stage at that point.

Mar 2, 2010
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jeff k.
Columbus, OH

It Could means many things.. like sale Pending finances or mean you can put a back up contract incase the first did not go through etc. pending does NOT mean sold yet..

Mar 2, 2010
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Gregory G.
Broker/Agent
San Francisco, CA

Seller has accepted an offer.
Gregory Garver - Commercial Real Estate Broker
Broker License# 01716531
(415)225-9894
gregory.garver@gmail.com

Mar 5, 2010
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Chris R.
Broker/Agent
Denton, TX

Typically would mean a contract has been negotiated and entered into by both parties for the sale of the property. Once it is "in contract" - then the buyer proceeds to do their due dilligence - perform inspections - do a review of pertinent documents (leases) and financial records provided by the seller. The "in contract" time frame will vary but much can happen between contract execution date and the closing. Chris Rosprim, Scott Brown Commercial, Denton, TX

Mar 6, 2010
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