When a property listing indicates this status, it signifies that the seller has accepted an offer from a prospective buyer. This acceptance initiates a legally binding agreement between the parties, outlining the terms and conditions of the sale. For instance, a buyer might submit an offer on a house; upon the seller’s signed acceptance, the property transitions to this stage.
This agreement provides a level of security for both parties. The seller agrees to cease actively marketing the property to other potential buyers, focusing instead on completing the transaction with the current purchaser. Concurrently, the buyer commits to fulfilling the obligations detailed in the agreement, such as securing financing and completing inspections. This framework streamlines the process, promoting efficiency and reducing uncertainty for all involved.
