If you are on the hunt for a new apartment in New York City, you have likely come across the term « in contract » on the popular real estate website StreetEasy. But what exactly does this phrase mean?

« In contract » typically refers to an apartment that has an accepted offer from a buyer, but has not yet closed. This means that the seller and buyer have come to an agreement on the sale price and terms of the sale, but the closing has not yet occurred.

During this time, the apartment is considered to be « in contract » and is no longer available for showings or open houses. The buyer may still conduct inspections and due diligence during this period to ensure that the property is in the agreed-upon condition.

It is important to note that even though an apartment may be listed as « in contract, » the deal is not yet finalized and there is still a possibility that the sale could fall through. This could happen if the buyer is unable to secure financing or if there are issues discovered during the inspection process.

So, what does this mean for you as a potential buyer or renter? If you come across an apartment that is listed as « in contract, » it is important to understand that it is likely not available for viewing or consideration at that time. However, it is still worthwhile to keep an eye on the property in case the deal falls through and it becomes available again.

Overall, seeing the phrase « in contract » on StreetEasy can be a sign that a property is in high demand, and it may be worth considering similar listings in the same area. It is always best to work with a reputable real estate agent who can guide you through the process and help you navigate the complexities of the New York City real estate market.