When a real estate owner receives an offer on their property, there are in most cases conditions included. It is very rare that a firm offer is presented to the seller.
A condition in an offer allows the buyer a specified time period to satisfy themselves with respect to something of importance regarding the purchase. After they have heard the answer they want to hear, they will agree to proceed with the transaction.
The most common conditions in an agreement to purchase a property are financing and completing a professional home inspection.
If the buyer does not receive confirmation from their mortgage company that financing is approved, they will not be able to purchase the home. Although the buyer may have been pre-approved, the lender has to approve the transaction and property.
Most buyers will want to complete a professional home inspection of the property they are buying. They don't want to end up with someone else's problems. If the inspection by a home inspector reveals something they will not accept, they might decide to not go ahead with the purchase.
A property is not considered sold until all conditions have been ‘waived' or removed by the buyer. As you can see, something might prohibit them from completing the sale.
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I always consider sold to be when it is ... well, .... sold! We use the listing date, staged date, contingent date and sold date for our stats. Sometimes we know properties are in fact "under contract" but haven't been updated as AC in MLS yet - guess which date we use? The one that is actively reflected and verifable in MLS...
I have seen other stagers (thankfully the ones locally we've seen do this are now out of business) out and out lie about these numbers - what a client can verify always seems to be the best answer to me.