When is a house considered "sold"? Under contract or at the actual closing?

Answer 1

when the contract is signed it is considered 'Under Contract'

The Sale takes place on the closing date

Answer 2

There is actually two meanings to this. When the property is on the Multiple Listing Service, and an offer has been accepted, it has been "sold" as in it is off the market. This is a common phrase, although "Under Contract" is the actual legal term for this condition.

As far as the actual legal/ownership sale, it is sold when the closing is completed and all required documents are signed by all parties, any loans are funded and all legal documentation is filed with the county recorder.

Answer 3

A house is considered "sold" at the actual closing, after all docs have been signed by both parties and the keys/money changes hands. Nothing is sold until then, because so many things could happen up to the last minute to mess up the sale.

Answer 4

The other answers miss the legal technicality that makes the answer "both".

When the Buyer's Offer is accepted, the Buyer then has "Equitable Title", which means that if they live up to their agreement, they have the equitable right to have LEGAL title conveyed to them. So, technically, the house is "sold" when the contract is formed by acceptance.

However, many things can go wrong, and often do, so most people don't think of it as being "sold" until the LEGAL title passes with a Deed, which is given at Closing.

Answer 5

At the actual closing. A buyer can walk out at any time before the closing date so it isn't considered sold.

Answer 6

All forms can be signed on the closing date, but it is still not considered sold until it is funded by the lender. I had a closing on a Friday, but the house did not fund until Monday.

Answer 7

A house isn't considered sold until it is closed and funded.

Answer 8

The seller is not fully committed to the sale until the deed is signed. The buyer is not fully committed to the sale until his / her funds are in the seller's hands. This takes place in the escrow process and, until those two steps are complete, numerous things can go wrong that will sink the deal.

Answer 9

At close of escrow. Many realtors will post a "Sold" sign when an offer is accepted, but they should be posting a "Pending" or "In Escrow" sign.

Answer 10

You'd better not pack up until you sign the final closing papers. You never know what might happen before then. Something might happen with the loan, inspection or whatever. Be patience.