On June 1, 2012, the Calgary Real Estate Board introduced a new property status. If you receive property updates from a Realtor, you may see this new status which displays as "U" - Under Contract.
Current status types include "A" for Active, "S" for Sold, "E" for Expired and others. There is currently also a "P" status for Pending. P for Pending and U for Under Contract differ in the following way.
Status "U" - Under Contract. U status means that the seller has accepted an offer to purchase and the property is conditionally sold. The property is still available for showings and will display as available on realtor.ca. The conditional contract details will not be revealed.
Status "P - Pending. P status means that the seller has accepted an offer to purchase and the property is conditionally sold. The property may or may not be available for future showings and the property will no longer display on realtor.ca. The conditional contract details will not be revealed.
As sellers no longer have to disclose if an offer has been accepted, some active listings, Status "A", may also be conditionally sold.
A little confusing? Maybe, but in the end the new addition allows for sellers to communicate to other Realtors that a property is under contract, but still allows for the property to be actively marketed until the current deal is firm. As a buyer, it is important to understand these changes and decide which properties they wish to pursue.
Give me a call if you are interested in purchasing a new home and I will do the research to meet your goals.