Differences between Pending Sale and Under Contract
The main difference between pending sale and inder contract is that under contract refers to the point at which a seller has accepted an offer from a buyer whereas a pending sale occurs when the sale is in its final stages of completion.
Before we move to more differences, let’s first understand Pending Sale and Under Contract:
- Pending Sale: A pending sale is the final stages of the transaction when the sale is in the process of being finalized.
- Under Contract: Under contract refers to the period of time when a seller has accepted an offer from a buyer, and both parties are working through the terms of the sale.
Now, let’s get to Pending Sale vs Under Contract:
Major differences between Pending Sale and Under Contract
|Pending Sale||Under Contract|
|A property is under contract, both the buyer and seller have agreed on the terms of the sale.||A pending sale only means that the seller has accepted an offer from the buyer.|
|A property is under contract, it is no longer available for showings and is off the market.||During a pending sale, the property may still be shown to other potential buyers.|
|A property is under contract, the sale is in the final stages of completion.||During a pending sale, there may still be contingencies that need to be met before the sale can be finalized.|
|A property is under contract, the seller is legally obligated to sell the property to the buyer.||During a pending sale, the seller may still receive other offers and is not obligated to sell to the first buyer who made an offer.|
|A property is under contract, the closing date has been set and the sale is expected to be finalized on that date.||During a pending sale, the closing date has not yet been set and may be subject to change.|
So, these are the main differences between the entities.
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