Definition of "Backup contract"

Gina  Teague real estate agent

Written by

Gina Teagueelite badge icon

RE/MAX Unlimited

Secondary written agreement to purchase real property in the event the initial contract is not signed.

Comments for Backup Contract

Dave Bahls Dave Bahls said:

Back-up Withholding meaning

Nov 19, 2018  17:39:11

 
Real Estate Agent

Hello Dave
We 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. 

Nov 29, 2018  17:18:11
 
 
image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

A reassessment or a reappraising is a decision or strategy made by the owner or the state or local authorities. The reassessment definition is a revision of an earlier assessment. Property ...

A minimum amount a lender is willing to provide on a commercial loan for a building designed to be tenant occupied. A floor loan is progressively funded as the building moves from the ...

Fee charged by a public registry for the administrative costs of recording an instrument. For example, a municipal registry charges $30 to record a property mortgage. ...

Standard days when an organization is open and conducts business. Business days exclude weekends and holidays. ...

Regional area from which a particular product or service can expect its greatest demand. For example, a retail department store expects to attract shoppers from a market area having a ...

Bottom of a frame such as a window sill. ...

Undeniably, some terms can make your head spin if you dive into real estate for the first time. Today, we’re breaking down a key term: Realtor Associate. It sounds official, ...

Many homebuyers or real estate investors only think of mortgages when it comes to financial aid in real estate purchasing. Lately, with the increasing desire of homebuyers to not be ...

Spread between girders or heavy walls. ...

Popular Real Estate Questions