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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.
The contract is in writing and signed by the buyer. However, the contract is not signed by the seller. The seller may invoke the statute of frauds as a defense to an action by the buyer for the enforcement of the real estate purchase contract.