As a copy editor with experience in search engine optimization (SEO), I understand the importance of creating content that is both informative and optimized for search engines. That`s why I`m excited to delve into the topic of “what does under contract – option pending mean.”
When searching for a new home to buy, you may come across a listing that says “under contract – option pending.” This status means that a potential buyer has made an offer on the property, and the seller has accepted it. However, the sale is not yet final because the buyer has the option to back out of the agreement.
During the option period, typically 7-10 days, the buyer has the opportunity to perform due diligence and validate that the property is in the condition it was represented to be, and is the right property for them. This may include getting an inspection, appraisal, and review of the title commitment. If the buyer decides to back out during the option period, they can cancel the contract for any reason with little to no penalty.
Once the option period has expired, and the buyer has not canceled the contract, the property is considered to be “under contract” and the sale is pending. At this point, the buyer has made a non-refundable earnest money deposit, and the seller cannot show the property to any other potential buyers.
It`s important to note that even though a property may be under contract, the sale is not considered finalized until closing. During this time, the buyer and seller will work together through any contingencies and closing procedures to ensure that the sale is completed smoothly.
In summary, “under contract – option pending” means that a buyer has made an offer on a property, and the seller has accepted it, but the sale is not yet final. The buyer has the option to back out of the agreement during the option period, and once that period expires, the property is considered to be under contract and the sale is pending. It`s important to work with an experienced real estate agent during the process to ensure that everything is conducted smoothly and efficiently.