be under contract
► LAW to have made a formal agreement with another person or company, and be legally responsible for doing what you have agreed to do: »
We're under contract to complete the job by the end of the year.
► PROPERTY if a building or property is under contract, the owner has officially agreed to sell it to a particular person for a particular price: »
Two of the site's 8000 sq ft commercial lofts are currently under contract.
Main Entry: ↑contract
Financial and business terms. 2012.