what does it mean when a house is under contract

When a house is "under contract" in real estate, it means that the seller has accepted an offer from a buyer to purchase their home, but the sale is not yet final. The written agreement provides details about both parties and the property being purchased, along with a breakdown of the price and costs involved in the transaction. The term "contingent" is sometimes used when referring to a home thats under contract, which means there are certain conditions or "contingencies" that must be met for the sale to be completed. Once everyone signs the contract, they are bound by law to follow the terms of that agreement. If all contingencies of a contract are met, the sale can move forward. If a contingency can't be met, the buyer can walk away from the deal without losing their deposit. It's important to note that just because a house is listed as "under contract," it doesn't mean that buyers are out of the running entirely. Some sellers may accept backup offers, and deals do fall through occasionally.