August 9th 2022

If you've ever browsed a real estate listing and seen terms like "Under Contract", "Withdrawn", etc., you probably have questions about what it all means exactly.  Each Multiplpe Listing Service, or MLS, can use its own terminology, so here are some of the most common terms used in Cape May County real estate listings and simple explanations!  

Active

This means that a property is currently on the market and available for sale. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open for you to make a proposal.

Sold

The property is sold and no longer available.

Attorney Review

In New Jersey, buyers and sellers have the right to present the contract to an attorney, and are given 72 business-day hours to do so.  During this time, an attorney for either party is allowed to effectively cancel the contract.  This rarely happens, and the Attorney Review period can also be waived if both parties agree.  This 72 hour window starts after both parties have signed a contract of sale.  

Under contract (UC)

The seller has an agreed-upon contract with the potential buyer. That doesn’t mean that the property is sold, as both parties still have to proceed through the closing process.

Under Contract vs. Under Contract/Continue To Show

An "Under Contract/Continue To Show" status means that the seller has accepted an offer and the home is under contract.

But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the deal can close.  Of course, any sale has it's contingencies.  But in this case, the seller and buyer have agreed to let the home continue to be actively shown until the contingencies are met.  An example of this would be if the seller agreed in principal to a low offer, but has agreed with the buyer that they will continue to shop for offers for another month.  

In this scenario, the buyer gets a chance to get a good deal, and the seller has some assurance if they can't get their ideal price. 

However, in this market these types of clauses are pretty rare.  Sellers have a long line of qualified buyers ready and able to move forward at current market conditions.  Buyers need to be ready to put their best foot forward.

Expired

The property listing with the agent has expired and is no longer active, usually because it didn’t sell.  In New Jersey, the typical period a listing is valid for is 6 months.  So, if a listing has recently become expired, it may come right back on the market.  

Temporarily off the market (TOM)

The owner has removed the property from the listings for an undetermined period, usually because work is being done on the house or because the home cannot be shown. It should return to active soon enough, so it’s certainly worth piping up if you’re smitten.

Withdrawn

A property was withdrawn from the realty market. This might be for a variety of reasons: The sellers may have decided they want to stay put, or they may just not have received any offers they liked. So if you adore what you see in the listing, it certainly can’t hurt to inquire.