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

The lessee becomes a lessor by subletting the property to a third party. Typically, the sandwich leaseholder does not own or use the property. ...

A roof having two slopes on each side. The second slope is longer than the first part of the roof and extremely steep. ...

The clause in a deed beginning with the words " to have and to hold" limiting or defining the ownership nature of the estate in the property granted by the deed. Declares the type of ...

Beam that is supported only at one end. ...

Regular rental of property between the lessee and lessor for a fee. An operating lease does not satisfy the criteria for a capital lease. An example is renting an apartment. A lessee ...

A triangular shaped end of a building where a double sloped roof meets at the top of the triangle. A gable begins at the eaves of a roof and terminates at the roof ridge. ...

Commonly, a covenant refers to a legal treaty or agreement between various parties. Explicitly, a stipulation comes into existence and is signed to confine particular financial transactions ...

A closed-end mortgage is a mortgage in which the collateralized property cannot be used as security for another loan. See also open-end mortgage for a better understanding of the ...

Directly enhancing the physical nature of the property such as renovating the building, installing a new driveway and parking lot, and gardening. ...

Popular Real Estate Questions