What does a pending home sale mean Meaning and Definition
What does a pending home sale mean
Pronunciation
(not applicable)
Part of Speech
Noun (Phrase)
Definition
A stage in the home buying process where a sale is contemplated, agreed upon, and pending, but has not yet been finalized.
Examples
- The home owner accepted the offer and the sale is now pending.
- The buyer and seller agreed to the terms and the sale is pending closing.
Synonyms
- Pending sale
- Under contract
Antonyms
- Closed sale
- Failed sale
Etymology
The term “pending” comes from the Old English word “pendere,” meaning “to hang” or “to depend”>
Usage Notes
This phrase is commonly used in real estate transactions, but it may also be used in other contexts where a sale or agreement is being negotiated.
Additional Information
A pending home sale typically occurs when a buyer and seller have reached an agreement on price and terms, but the sale has not yet been finalized. This stage can take several weeks or months to complete, pending the satisfaction of certain conditions. The buyer and seller may still be able to back out of the agreement during this time if necessary. A pending home sale is not the same as a closed sale, which is when the transfer of ownership has been completed.
Cultural References
This phrase is often used in real estate contexts, such as real estate websites, news articles, and closing documents.
Idiomatic Expressions or Phrases
This phrase is often used in idiomatic expressions such as “under contract” or “pending sale.”
Related Words or Phrases
- Sale pending
- Home sale pending
- Real estate transaction pending
Collocations
- House pending sale
- Home sale pending closing
- Real estate transaction pending finalization
Frequency of Use
This phrase is commonly used in real estate transactions and may be found in various contexts, including news articles, real estate websites, and closing documents.
Common Misspellings
- Pendding
- Pandding