A property for which the seller has accepted the buyer's offer to purchase is referred to as being "under contract" Generally, the prospective buyer is given a certain period of time in which to perform its due diligence and finalize financing arrangements During the period of time the property is under contract, the seller is precluded from entertaining offers from other buyers
A property for which a purchase offer has been accepted by the seller is said to be "under contract " Generally, the prospective buyer is given a certain period of time in which to perform feasibility studies and finalize financing arrangements During the time, the seller cannot entertain offers from other buyers unless the purchase contract is allowed to expire without going to closing