Under Contract

Definition

The relationship status of a house that's been claimed but not yet closed, like being engaged but for property. Everyone holds their breath until closing, and there's always a chance someone gets cold feet.

Example Usage

"My dream house went under contract the day before my showing. Real estate heartbreak hits different when there's a mortgage pre-approval involved." - A jilted buyer

Related Terms

Advanced

deed in lieu

Deed in Lieu of Foreclosure—when a homeowner voluntarily transfers property ownership to the lender to avoid foreclosure proceedings. It's the real estate equivalent of quitting before you're fired.

🏠 Real Estate

Intermediate

buyer broker agreement

A contract binding a buyer to an agent for a specific period, ensuring the agent gets paid even if the buyer tries to ghost them after months of work. It's basically a pre-nup for the house-hunting relationship.

🏠 Real Estate

Intermediate

mil rate

Property tax rate expressed in mills, where one mill equals one-tenth of one cent ($0.001). Because saying 'point zero zero one dollars' is apparently too straightforward for local governments.

🏠 Real Estate

Intermediate

Appraisal

The process where a stranger with a clipboard determines how much your house is worth, and it's always either too high for the buyer or too low for the seller. Nobody has ever been happy with an appraisal in the history of real estate.

🏠 Real Estate

Beginner

Open House

A scheduled event where strangers wander through your home, judge your decorating choices, and eat your cookies with zero intention of buying. It's basically hosting a party where the guests critique your life.

🏠 Real Estate

Advanced

planned unit development

A type of zoning allowing flexible development within a defined area, mixing housing types, densities, and uses while preserving open space. PUDs let developers cluster buildings creatively instead of following rigid lot-by-lot rules.

🏠 Real Estate

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