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

People often use the term in their everyday discourse, yet many wonder what the meaning of common law genuinely implies. Common law refers to a system of jurisprudence based on court ...

A line on a map or drawing showing equal ground elevation points. See also contour map. ...

Relationship between individuals or entities out of which exists a mutual interest. An example is a privity of contract among the contracting parties concerning the actions each are to take. ...

Federal agency that aids veterans of the armed forces. For example, it guarantees a home loan for up to a predetermined dollar amount or percentage of the loan balance, whichever is less. ...

Goods that are freely substitutable. It is goods of a given class or type, any unit of which is as acceptable as another, and capable of satisfying an obligation expressed in terms of the ...

Mutually binding property sales contract where the title remains with the seller until the purchase price is paid by the buyer. It is a contract to convey title in the future upon ...

Time period for which one expects to keep property such as a real estate investment. ...

Method of construction where part of the structure is supported by a cantilever beam or truss. ...

Accelerated depreciation method in which the amounts recognized in the early years of the property's useful life are greater than those recognized in the later years. The SYD is found by ...

Popular Real Estate Questions