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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 seller's agent will, traditionally, split the commission. However, some buyers do sign a contract with a buyer's agent saying they will pay for the services (as a way to be absolutely positively sure who this agent is working for). Don't hesitate to ask the real estate agent if you have further questions or doubts.