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legal Definition of listing 1: an arrangement, agreement, or contract for the marketing of real property through one or more real estate agents usually for a specific period â called also listing agreement â
The real estate term âunder contractâ means that a binding agreement exists between a buyer and a seller of 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. This is because the buyer is under obligation to purchase to property from the seller.