There are many home sellers who are confused about when their home is officially sold. Some home sellers end up taking their home off the market too soon and sometimes end up in a bind. Some sellers think that their home is sold the moment they receive an offer, even one with conditions.
When an offer with conditions is presented to a home seller, it means that the property is pending. At this point you can continue to show the home and consider prospective homebuyers.
Home sellers should continue to show their property
It is only once the conditions are removed and the contract is officially signed that the property is actually sold. It is always recommended to continue to show the property. This will help you to keep going with the sale of your home if the offer falls through.
You also have the option of writing a backup offer in case there is another party that decides to make an offer on your home during the pending period. In that case, it is best to consult with your lawyer to discuss the details.
Home is officially sold after the title goes to buyer
The golden rule of it all, however, is that your home is only sold only after all the conditions are removed from the purchase contract and the title to the property is transferred from the home seller to the homebuyer.
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