Like any industry, real estate has its own terminology. Here’s a rundown of common terms you will hear – or see – related to a listing (aka a property for sale).
Under Agreement (or UAG): The seller of this property has an accepted offer, they’ve signed, and it is a legally binding agreement. Sometimes sellers will take “backup offers” just in case something happens and that first accepted offer doesn’t pan out.
Contingent (or CTG): Effectively the same as UAG or Under Agreement, Contingent means that there is an accepted, signed offer. It is a legally binding agreement, but sometimes the sellers will take “backup offers” just in case something happens and the property goes back on the active market. Now… what is it “contingent” on? The legally binding agreement is subject to certain criteria being met by either the buyer or seller before the deal can close and be done. Some of these contingencies are home inspections, financing (mortgages), appraisal, title search, etc.
Active (or ACT): This house is for sale! It’s listed, it’s available, and it’s ready to meet you.
Closed or Off Market (or CL): This property is sold and no longer available for sale.
Under Contract (or UC): This means that the property was listed, got an offer, and the seller accepted the offer. That doesn’t necessarily mean that it’s a done deal, though.
Deal Pending (or DP): The seller has accepted an offer and signed a contract, any and all contingencies have been met, and the property is pending sale. This is the period of time during which both buyer and seller are working toward the closing, and the property will show as having a deal pending until the day of closing.
Back on Market (or BOM): This means that a property had a sale pending but the property has come back on the market for some reason. (See Contingencies above!) Perhaps there were contract issues, or perhaps one of the contingencies didn’t happen.
Expired: The property listed has expired based on the contract the seller had with the sellers’ agent. The property is no longer active on the market, usually because it did not sell at the price the seller wanted, or perhaps the seller decided not to sell. This could still mean that the seller is open to accepting an offer, so it is worth having your Torii agent reach out to the sellers’ agent to find out what happened.
Withdrawn: The property listed was withdrawn from the market. Perhaps the seller decided to stay in the house, or perhaps they just didn’t receive any offer that met their expectations. Withdrawn is similar to Expired, except it means that the listing was pulled off of the market at some period of time within the contracted time (vs. waiting until the contract expires).