What does under contract mean

[Matthew Holman]

I inquired about a duplex that was for sale, both sides are already rented, the real estate agent said it was under contract, what does this mean?

[Jerry W.]

@Matthew Holman, my experience means that the seller has signed a contract with a buyer.  It is similar to being sold but there has not been a closing yet.  Sometimes properties fall back out of contract.  Things like not getting financing or inspection disputes, title issues, etc occasionally cause accepted offers to fall apart.  That is not common but it happens.