I don`t know if this means the seller can NOT show the location AFTER signing the contract, but usually a place listed as “in the contract” is not available. Signed in the contract and the contract means the same thing – both parties signed a contract to buy the place (or in the cooperatives, the shares). But most contracts have contingencies that could cause the deal not to materialize; For Coops, the most important thing is the rejection of the board of directors. Often there is a financing contingency, so if the buyer cannot find a mortgage/financing, the transaction is deactivated. The closing is a meeting where everyone signs everything, all the checks are passed, and then the apartment is sold. If an apartment is under contract, it is likely to be sold unless: UNTIL the contract is signed, nyS law allows the seller to continue showing the location. Can the seller still support the transaction after the seller has signed the contract? Good advice, but if you like the place, you should inform the listing broker of your interest. My husband and I live in a house that was “in the contract” that failed. We rushed in and boy, they were happy to hear from us! This means that the buyer and seller agreed to the terms and wrote them in a contract that both parties signed (“fully performed”) and the buyer also provided money to show its seriousness.
O.K., thank you. I saw here a certain apartment that was “under contract” 3 months ago, then it was available again, then again “in the contract”. So I think the first agreement failed. There is another apartment that I would really be interested in, which has been “under contract” for 4 months now – I thought there might be problems and it was worth waiting when it comes back to the market. Or is this a normal period until the “contract is signed”? An offer is usually submitted and accepted before it concludes the contract. The buyer pays the deposit and signs the offer to sell (sic), which is countersigned by the seller, then it is in the contract. This is done before the sale is completed. Things can always go wrong and the contract will fail after it is “in the contract”, but it is usually enough to be “in the contract” to deter further demonstrations, because in most cases the sale is successfully concluded.
(Note – lately, it has attracted a lot of attention that people here in New York are “in contract” with new developments and due to the depreciation of the apartment since the conclusion of the contract and they try, unsuccessfully, to recover the deposit) Well, that means the apartment has an “accepted offer”. The apartment is not “in the contract” until the buyer and seller sign the actual contract. “in the contract” means that the contract has been signed by both parties. In general, things often don`t fall out of contract, especially given the increasing scarcity of mortgage contingencies. I wouldn`t hold my breath for a condominium that has been “under contract” for 4 months – it`s very likely that the agent forgot to update the listing to “closed”. Email the broker and ask if it`s still closed, but focus on active offers. This means that both parties have signed the contract and it would be difficult for both to withdraw without paying any type of damage (i.e. waiving the deposit).
I would be very surprised if a real estate agent showed you such an apartment, let alone allow you to make an offer. If I were the buyer of such an apartment, I would be angry if I heard that the apartment was shown, and if I was the seller, I would not need to show it. The deal might fail, but I guess you`ll have to wait for that to happen. (1) The buyer purchases a cooperative and is not approved by the board of directors of the building; (2) The buyer cannot obtain mortgage financing; 3) The Buyer will change its mind as to the event that the deposit paid by him will be withheld by the Seller; 4) There is some kind of inspection clause in the contract (more common for houses than for apartments) and the property does not pass the inspection. An offer has been submitted and accepted, and completion is pending. The list is no longer available unless the offer fails. .