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

Legal rule, principle, or tenet. ...

Word, or group of words, that identifies a business or one of its products. The name is registered with U.S. Patent Office and provides legal protection for an indefinite number of renewals ...

Pitched roof that looks like a saw. ...

Federal program in which the U.S. government subsidizes much of the rent paid by low-income people. It applies to rentals of privately owned apartments. ...

Deterioration in property resulting from its ordinary use and from the aging process. An examples an apartment building that physically deteriorates over the years. ...

An income feature added to a mortgage whereby the mortgagee earns income in addition to the mortgage interest and principal payments. Also called an equity kicker, a kicker allows the ...

State laws limiting the interest rate that can be charged to individuals borrowing money in that state. These laws affect all lenders in a state regardless of what federal or state agency ...

Insurance coverage provided for an individual having a lease at a favorable rate, one which is less than the market value of the property. The insurance indemnifies the tenant for business ...

State tax based on the value of property received through inheritance. The tax is paid by the recipient not the estate. Tax paid to the government or state upon the death of the taxpayer ...

Popular Real Estate Questions