What Does “Under Contract” Really Mean in Levittown?
When your Levittown home goes “under contract,” it’s a major milestone — but it’s not the finish line. In New York, including Levittown, several steps happen between accepted offer and closing. Understanding what under contract really means helps sellers stay calm and realistic about the process.
Under Contract Is Different From Accepted Offer
In New York, the timeline typically works like this:
Offer accepted
Attorneys draft and review contracts
Contracts are signed and deposit is submitted
The home is officially under contract
An accepted offer alone does not secure the sale. Fully executed contracts do.
What Happens After You’re Under Contract
Once contracts are signed:
The buyer submits a deposit (typically 10%)
The buyer finalizes mortgage approval
Inspections are usually completed
Appraisal is ordered
Title work progresses
Closing is scheduled
This phase typically lasts 60–90 days in New York, sometimes longer.
The Role of Contingencies
Even under contract, certain contingencies may still apply, such as:
Mortgage approval
Appraisal
Inspection-related agreements
Until contingencies are cleared, the transaction is progressing but not closed.
Can a Deal Fall Apart After Going Under Contract?
Yes, though it’s less common once contracts are signed.
Possible reasons include:
Mortgage denial
Low appraisal
Major inspection issues
Personal circumstances
That’s why choosing a strong buyer upfront matters.
Why Under Contract Is Still a Positive Signal
Even with contingencies, under contract status means:
A buyer has committed financially
Legal paperwork is completed
Momentum is strong
The path to closing is defined
It’s a meaningful milestone.
What Sellers Should Do During This Phase
Once under contract, sellers should:
Maintain the property’s condition
Complete agreed-upon repairs
Stay in communication with their attorney
Prepare for moving logistics
Smooth cooperation helps avoid delays.
How Eric Berman REALTOR® Guides Sellers After Contract
Eric helps Levittown sellers:
Navigate attorney negotiations
Monitor inspection and appraisal timelines
Communicate with lenders and attorneys
Address issues proactively
Keep deals on track to closing
The period between contract and closing is where careful guidance protects the outcome.
FAQs
Is under contract the same as sold in Levittown?
Not yet. It means contracts are signed, but closing still needs to occur. For help navigating this phase, connect here: https://www.theericbermanteam.com/contact-us
How long does it take to close after going under contract?
Typically 60–90 days in New York. For a timeline tailored to your situation, reach out here: https://www.theericbermanteam.com/contact-us
Can a buyer back out after going under contract?
Only under specific contingency conditions. For clarity on your contract terms, connect here: https://www.theericbermanteam.com/contact-us
What is the deposit amount in Levittown transactions?
Often around 10%, but it varies. For guidance specific to your sale, reach out here: https://www.theericbermanteam.com/contact-us
What should I be doing while under contract?
Preparing for closing and staying responsive is key. For step-by-step support, connect here: https://www.theericbermanteam.com/contact-us
Eric Berman, REALTOR®
Compass Greater NY
917-225-8596
eric@ericbermanre.com
www.theericbermanteam.com
