When it comes to real estate, there are certain terms that both buyers and sellers need to be familiar with. One of these terms is “under contract.” This means that a buyer has made an offer on a property, and the seller has accepted it. The property is now off the market and pending closing.
However, what about when a property is not under contract? What are some antonyms of under contract that buyers and sellers should know? Let`s take a closer look.
1. Available
The first antonym of under contract is “available.” When a property is available, it means that it is currently on the market and not under contract. This is important for buyers who are actively looking for properties to purchase.
2. Vacant
Another antonym of under contract is “vacant.” This term is often used when referring to properties that are no longer occupied by the previous owners. A vacant property may or may not be under contract, but it is not currently being lived in by anyone.
3. For Sale
“For sale” is another antonym of under contract. This term is used to describe properties that are actively being marketed for sale, whether they are under contract or not. However, it is important to note that not all properties for sale are available or vacant, as some may be occupied by tenants or owners.
4. Open House
An open house is an event where potential buyers can come and view a property that is for sale. This term is often used to describe properties that are actively being marketed but are not yet under contract. However, it is important to note that not all properties for sale will have an open house, and not all open houses will lead to a sale.
5. Off Market
Finally, “off market” is another antonym of under contract. This term is used to describe properties that are no longer actively being marketed for sale. This may be because the seller has decided to take the property off the market temporarily or permanently. It may also be because the property has been leased or rented out.
In conclusion, understanding the antonyms of under contract is important for both buyers and sellers in the real estate market. By knowing these terms, they can better understand the status of properties and make informed decisions. Remember that just because a property is not under contract does not mean that it is necessarily available or vacant, so be sure to do your research and ask the right questions.