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Real Estate Under Contract. The real estate term âunder contractâ means that a binding agreement exists between a buyer and a seller involving property. The buyer and the seller are in agreement with the terms in the contract. When a property is under contract, the seller may not enter into contract with any other buyer.
Once you find a real estate agent you want to work with, youâll sign a âlisting agreementâ giving the agent the right to market and handle the sale of your house. Most real estate agents use standard forms created by their state or local Realtor association, such as the Pennsylvania Association of Realtors.