In Illinois, what does it mean if a property is "under contract"?

When a property is described as "under contract," it means that a buyer and a seller have come to a mutual agreement on the terms of sale. This typically involves both parties signing a purchase agreement outlining the conditions of the sale, which may include the purchase price, closing date, contingencies, and other pertinent details. While this agreement indicates that the seller is committed to selling the property to this particular buyer, it does not finalize the sale until all conditions have been met and the transaction is completed.

The other options do not accurately convey this stage of the real estate transaction. The sale is not finalized, so the property has not been sold; it is also incorrect to say the property is still available for sale since it is under contract, which typically means that it is no longer on the market for new offers. Additionally, the claim about higher taxes is unrelated to the status of the property being under contract and does not reflect the realities of real estate transactions.