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What makes a property Under Agreement?

Real Estate Agent with LAER Realty Partners

Just curious as to what other's opinions are as to when and if a property should be labeled UAG on MLS. Do you keep a property Active with showings & look for back up offers until closing date or do you mark it UAG when P&S is signed.

On the flipside. If you are representing the buyer, how do you feel if property is kept Active with showings until closing?

Our MLS allows with Seller request to keep a property "Active with a flag." This may or may not be removed once a certain condition has been met. (ie: mortgage contingency, signing of P&S, etc.).

We are having a debate and would like to hear other opinions!