IN Contract

Depends on what the definition of IN is.
- Bill Clinton

Once the seller and buyer agree to the amount and terms of a sale, the seller usually drafts the contract and the buyer signs it after completing his/her "due diligence." When the seller then signs it, the buyer and seller and property are said to be "in contract." Securing of financing and setting up a date for the closing and board interviews (in a co-op) then takes place. The "in contract" period ends when the sale is completed at a closing or if a party exercises a provision contained in the contract to cancel the agreement (such as the board denying approval of the buyer or financing falling through if the contract had a mortgage contingency).