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

Room in a building used to collect solar heat. To provide for such collection, a room is generally constructed with a glass roof and walls. ...

A tender has several meanings in everyday discourse. Most generally, tender means a formal offer designed for acceptance with the anticipation of soliciting a response in return. Bidding ...

Gradual and steady increase in the general price level which is bearable in the near term but may result in significant long-term price increases, See also galloping inflation. ...

Representation on a flat surface of any region that depicts the elevation of that region. ...

When a real estate company switches from one accounting method to another. ...

Type of warranty that entitles a homeowner to full remedies for defective work done by a contractor. ...

(1) Paved roadway constructed above lowlands such as a swamp. (2) Roadway in ancient Egypt connecting the valley temple with a pyramid. ...

The continued and illegal occupancy of property after a legal period of occupancy has expired. In an estate at sufferance the tenant occupies the property at the sufferance of property ...

Possession and use of a property estate by virtue of a lease. There are four types of leasehold estates: estate for years, periodic tenancy, tenancy at will, and tenant at sufferance. ...

Popular Real Estate Questions