What Does “Under Contract” Really Mean in Manhasset?
Seeing “under contract” can feel like the finish line—but in New York, it’s more of a checkpoint. In Manhasset, there’s a meaningful difference between an accepted offer and a fully executed contract. Understanding that difference protects sellers from false confidence.
Accepted Offer vs. Under Contract
In New York:
Accepted Offer means both sides agreed on core terms.
Under Contract usually means contracts are signed and deposit is submitted.
There is a window between those two moments where deals can still fall apart.
The Attorney Review Phase
After an offer is accepted:
Seller’s attorney drafts the contract.
Buyer’s attorney reviews and negotiates terms.
Riders and contingencies are clarified.
This stage can last several days to a couple of weeks depending on complexity.
When Is the Deal Truly Binding?
The deal becomes binding when:
Both parties sign the contract.
The buyer submits the contract deposit.
Fully executed copies are exchanged.
Until then, momentum matters—but nothing is final.
What Happens After Contracts Are Signed?
Once fully under contract:
Buyer schedules inspection (if not done prior).
Buyer finalizes mortgage approval (if financed).
Appraisal is ordered.
Closing date is targeted.
This phase often takes 45 to 90 days in Manhasset.
Why Deals Sometimes Fall Apart
Contracts can fail due to:
Inspection disputes
Low appraisal
Financing denial
Title issues
Buyer hesitation
Most issues are preventable with preparation and strong buyer vetting.
How Sellers Should Behave Once Under Contract
Sellers should:
Keep the home in consistent condition
Continue required maintenance
Avoid major changes
Prepare for moving logistics
Stay responsive to attorney communication
Complacency can create delays.
The Emotional Reality of Being Under Contract
Sellers often feel relief—but also anxiety.
There’s a period of uncertainty between:
Contract signing
Final mortgage approval
Clear-to-close
Structure and communication reduce stress.
How Eric Berman REALTOR® Protects the Contract Phase
Eric helps Manhasset sellers by:
Vetting buyer strength upfront
Coordinating closely with attorneys
Monitoring financing milestones
Addressing inspection issues strategically
Keeping timelines moving
The goal isn’t just getting under contract—it’s getting to closing.
FAQs
Is “under contract” the same as sold in Manhasset?
No. Closing must still occur. Eric Berman REALTOR® can explain the full timeline at https://www.theericbermanteam.com/contact-us
Can a buyer back out after going under contract?
Yes, depending on contingencies. Eric Berman REALTOR® can review protections at https://www.theericbermanteam.com/contact-us
How long does it take to close after going under contract?
Typically 45 to 90 days in New York. Eric Berman REALTOR® can coordinate timing at https://www.theericbermanteam.com/contact-us
What happens if inspection reveals issues?
There may be renegotiation. Eric Berman REALTOR® can guide strategy at https://www.theericbermanteam.com/contact-us
Should I stop showing my home once under contract?
Usually yes, unless advised otherwise. Eric Berman REALTOR® can discuss backup strategy at https://www.theericbermanteam.com/contact-us
Eric Berman, REALTOR®
Compass Greater NY
917-225-8596
eric@ericbermanre.com
www.theericbermanteam.com
