Backup Contract
Definition of "Backup contract"
Secondary written agreement to purchase real property in the event the initial contract is not signed.
Popular Real Estate Terms
Situation in which a purchaser acquires mortgaged property and continues to pay the mortgagee for the debt outstanding. Although the new buyer continues to pay the mortgagee for the debt ...
Managing partner of a limited partnership who is in charge of its operations. A general partner has unlimited liability. Member of a partnership who is jointly and severally liable for ...
Any geographic taxing division where the legally chosen representatives are charged with the responsibility of assessing taxable property and collecting tax revenue. ...
Counter action by a defendant against a plaintiff. It is an independent action and just a denial of plaintiff's action. ...
An administrator appointed by the government or the courts to administer the laws relating to a government agency or court. A commissioner is a part of a government or court commission. ...
Document describing the benefits and provisions for people or businesses covered by group insurance. Document in life and health insurance issued to a member of a group insurance plan ...
The interest rate charged for a loan. For example, John obtained a $10.000 loan from the bank charging 10% interest. ...
A graduated payment mortgage (GMP) developed to overcome the negative amortization aspects of the GMP. The key to the FLIP mortgage is the use of the buyer's down payment. Instead of being ...
(1) Return of the principal invested in real estate. It excludes income earned. (2) Collection of a previously written off bad debt. ...
Comments for Backup Contract
Back-up Withholding meaning
Nov 19, 2018 17:39:11Hello Dave
Nov 29, 2018 17:18:11We suggest you read the Backup Withholding glossary term for a detailed look. But, basically, it is tax levied by the IRS on your investments outcomes the moment you withdraw that money.
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