Under Contract to Purchase a Property
Once you have found the property that meets your needs, you will then proceed to make an offer to purchase the property. If the offer is accepted, the next step is to enter into a contract to purchase the property. This contract will outline the terms and conditions of the purchase, including the purchase price, closing date, and any contingencies. Once both parties have signed the contract, the property is considered to be "under contract" and the buyer can proceed with inspections, financing, and other due diligence activities. If everything goes smoothly, the closing process will then be initiated, and the buyer will officially become the owner of the property.
At this point, both parties will work towards meeting the conditions outlined in the contract, such as inspections, appraisals, and financing. Once all conditions are met, the transaction will move to the closing stage where ownership of the property is transferred to the buyer.