Wording and Terminology in Offers Live

In real estate, listings move through several key stages before a sale is finalised. While terminology may vary across states, territories, and countries, RE Software uses the following standard definitions to ensure consistency. Understanding these statuses helps agents, buyers, and sellers stay aligned throughout the sales process.

Under Offer

What it means:
An offer has been made and accepted, but the sale is not yet finalised.

What this status indicates:

• The property is in the early stages of negotiation.
• The sale may be subject to conditions such as finance approval, contract exchange, or building and pest inspections.
• The property is generally no longer available to other buyers (though this can vary depending on the region or agency agreement).

Under Contract

What it means:
A legally binding contract has been signed by both buyer and seller, but the sale has not yet settled.

What this status indicates:

• The purchase price and terms have been agreed upon.
• The contract may include conditions such as finance approval, cooling-off periods, or inspections.
• The property is generally no longer available to other buyers (though this can vary depending on the region or agreement).

Contingent

What it means:
The seller has accepted an offer, but certain conditions (contingencies) must be met before the sale is finalised.

Common contingencies include:

• Buyer’s finance approval
• Satisfactory building and pest inspections
• Sale of the buyer’s current property

If these conditions are met, the sale will proceed. If not, the buyer may have the right to withdraw.

Sold

What it means:
The sale is complete. All conditions have been satisfied, and all required documents have been signed.

What this status indicates:

• The contract is now legally binding.
• The sale has either exchanged or settled (depending on local terminology).
• The property is officially off the market.