under contract land
then, you look at the status and that other shoe finally has a chance to drop: it's "under contract." if it's currently a buyer's market, the buyer usually submits an offer that is below the asking price to see if it gets accepted. if it's a seller's market, this is when a buyer may offer to pay for part of the seller's closing costs in an effort to really make their pitch stand out. the seller has put an offer on a new property of their own, and that transaction is contingent on the sale of yet another property.