What Does under Contract Option Pending Mean on Har

When searching for a new home, you may come across the term “under contract option pending” on real estate websites such as HAR, and may wonder what it means. This term refers to a stage in the home buying process where an offer has been accepted by the seller, but the sale is not yet considered final.

During the option period, the buyer has the opportunity to conduct inspections and negotiate repairs with the seller. If the buyer is not satisfied with the inspections or repairs, they may terminate the contract and receive their earnest money back.

The option period typically lasts for a specific number of days, as specified in the purchase contract. Once the option period has expired, the sale moves into the pending stage.

The pending stage means that all contingencies have been satisfied, and the sale is moving towards closing. During this time, the buyer`s lender will work to finalize the financing and the title company will conduct a final review to ensure that the property is ready to be transferred to the buyer.

It`s important to note that during the pending stage, the seller cannot accept any new offers on the property. However, if the sale does fall through, the property may be listed as active again, and new offers will be considered.

In conclusion, “under contract option pending” is a term used to describe a stage in the home buying process where the sale is not yet final, but all contingencies have been satisfied. If you`re in the market for a new home, it`s important to understand this terminology to ensure that you have a clear understanding of the buying process.