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

Market condition in which sellers exceed buyers, thereby causing prices to fall. In real estate, declining markets may result from unfavorable business conditions and high interest rates. ...

A house having stucco or brick siding mixed with some wood. The house usually is two or more stories. ...

Regulatory rules that have to be followed by the organization in conducting its activities. ...

Real estate not subject to property tax such as that owned by nonprofit entities including charitable, governmental, religious institutions. ...

(1) Subunit integral to a larger unit. (Usually associated with furniture). (2) Permanent fixture or appliance which is not intended to be portable and cannot easily be removed. A home has ...

Time period that a round of regular recurring construction takes place. There may be boom and bust times in construction activity. ...

Main street having a divider either in the center or between the curb and sidewalk with trees, grass, or other shrubbery. ...

An interest in property with the right o possession being postponed into the future until a certain even occurs. There are several possibilities where a future interest in property could ...

An agreement specified in the lease providing the tenant the option to renew the lease for a given time period upon the expiration of the initial lease. Most lease options include the ...

Popular Real Estate Questions