Ever spot a home in Centennial you love, only to see it marked Under Contract? It can feel like the door just closed. The truth is, that status tells you a lot about where the deal stands and what options you still have. In this guide, you’ll learn what Under Contract means in Colorado, how contingencies and deadlines work, and how buyers can still compete with smart backup strategies. Let’s dive in.
Under Contract in Colorado: What it means
When a property is under contract, the seller has accepted an offer and both parties have signed a purchase contract. From that point, the contract sets the rights, obligations, and exact deadlines that move the deal toward closing.
On South Denver MLS feeds that cover Centennial, you’ll typically see:
- Active: The property is available for offers.
- Under Contract or Contingent: The seller accepted an offer, but one or more contingencies are still open. Some sellers may still allow showings or consider backup offers.
- Pending: Most or all contingencies have been satisfied or waived, and the file is moving toward closing. Labels can vary by MLS and brokerage practice, so confirm the exact status with your agent.
- Closed: The sale has funded and recorded.
Local note: In our area, “Under Contract — Contingent” often signals inspections, financing, appraisal, or document reviews are still in play. “Pending” usually appears once those deadlines are cleared.
Common contingencies you’ll see
Colorado’s standard residential contract outlines specific contingencies and deadlines. Here are the most common ones you’ll encounter in Centennial and greater Arapahoe County.
Inspection contingency
This gives you time to inspect the home and either accept it as is, request repairs or credits, or terminate within the objection window. Inspections often include a general home inspection, roof and HVAC checks, radon test, sewer scope, and pest review. Radon testing is common across Colorado.
Financing contingency
If you’re using a mortgage, your obligation to purchase is typically subject to loan approval by a stated deadline. Your contract may reference loan type, acceptable interest rate terms, and a lender commitment date.
Appraisal contingency
Lenders usually require an appraisal. If the appraisal comes in below the purchase price, your remedies depend on the contract. Options can include renegotiating the price, bringing extra cash at closing, or terminating if allowed.
Title and survey review
You’ll receive a title commitment and can review exceptions within a set period. Many Colorado deals use title companies to hold earnest money and prepare title work. If issues arise, you can object within the contract timeline.
HOA document review
For homes in an association, you can review covenants, bylaws, budgets, and other documents. You can object within the document review period if something is not acceptable to you.
Seller disclosures
Sellers generally provide a Property Disclosure along with required state and local disclosures. Review them early and use your inspection period to verify anything that needs a closer look.
Earnest money
Your earnest money deposit is held by the title or escrow company. The contract spells out when it is due, when it is refundable, and what happens if either party defaults.
Typical timelines in Centennial
Contract timelines are negotiable, and the signed contract controls. That said, you’ll commonly see:
- Earnest money delivery: 1 to 3 business days after acceptance.
- Inspection and objection: 7 to 10 calendar days, sometimes up to 14 in slower markets.
- Appraisal and loan commitment: Often 21 to 30 days, aligned with lender underwriting.
- Closing date: Frequently 30 to 45 days from acceptance, though cash or new-build timelines can differ.
On closing day, transfer documents are filed with the Arapahoe County Clerk and Recorder. Title companies coordinate payoff statements, HOA estoppels, tax prorations, and final recording.
What changes once you’re under contract
Buyer rights and obligations
You gain contract rights like access for inspections and document review. You also take on obligations, including delivering earnest money on time and meeting each deadline. If you waive or pass certain contingencies, your ability to terminate without penalty can narrow.
Seller obligations
Sellers agree to move forward with the signed contract and provide required disclosures. They must allow reasonable access for inspections and cooperate with steps needed to close. Backup offers may be received if permitted, but they do not replace the primary contract unless that contract terminates.
Showings and backup offers
Some Centennial listings remain available for showings while under contract, and many sellers will consider backup offers. A backup contract becomes active only if the primary contract falls through. If you love a home that’s under contract, ask your agent about the backup process.
Protect your earnest money and stay on track
- Calendar every deadline on day one. Missing dates is the fastest way to lose protections.
- Schedule inspections immediately after acceptance to leave time for follow-up specialist checks if needed.
- Communicate with your lender daily or weekly until commitment is issued. Provide documents quickly to avoid delays.
- Use the contract objection and cure procedures if issues arise. Your agent can guide you, and an attorney can help with legal questions.
- Verify wiring instructions by phone using a known number for your title company to avoid wire fraud.
Practical tips for South Denver buyers
- If a home is Under Contract, ask whether the seller is accepting backup offers and what terms would be competitive.
- Tailor your inspection window to your risk tolerance. Shorter periods can be more competitive, but they leave less time to evaluate the home.
- If financing, prepare for the appraisal timeline and discuss appraisal gap options with your lender and agent before you offer.
- For HOA properties, review documents early so you can object in time if needed.
Quick buyer checklist
- Verify status and whether backups are allowed.
- Confirm earnest money amount and delivery deadline.
- Schedule inspections and note the objection date.
- Track appraisal and loan commitment milestones with your lender.
- Review seller disclosures and HOA documents promptly.
- Keep all notices in writing and delivered per the contract.
Why work with REBL Home Team
You deserve a team that knows Centennial micro-markets and the contract details that keep your earnest money safe. With named buyer specialists, organized transaction coordination, and local title and lender relationships, you get clear communication and steady momentum from offer to close. If a property you love goes Under Contract, we’ll help you evaluate a smart backup strategy and move fast if the door opens.
Ready to plan your next step in Centennial? See your home’s value now with the REBL Home Team and get a game plan tailored to your timeline.
FAQs
What does “Under Contract” mean in Colorado real estate?
- It means the seller accepted an offer and both parties signed a purchase contract that sets rights, obligations, and specific deadlines on the path to closing.
What’s the difference between “Under Contract” and “Pending” on Centennial listings?
- Under Contract or Contingent usually means contingencies are still open. Pending typically means those contingencies have been satisfied or waived and the file is moving toward closing.
Can I submit a backup offer on a Centennial home that’s under contract?
- Often, yes. Many sellers accept backup offers that take effect only if the primary contract terminates. Ask your agent about the process and terms.
How long does it take to close in Arapahoe County?
- Many financed purchases close in about 30 to 45 days from acceptance, depending on inspection, appraisal, and lender timelines. Cash and new-build deals can differ.
What happens to earnest money if a buyer cancels in Colorado?
- If you terminate within a valid contingency period, earnest money is typically returned per the contract. If you default outside of your rights, the seller may have remedies that include keeping the deposit.
