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 units are used as commercial offices. The purchaser of an office condominium owns the title to the individual office unit and not to the property. Maintenance fees are assessed to each ...

(1) Mildly convex arch built into a load bearing beam, girder, or truss to counteract any load bearing stress placed on it. (2) Slight slope designed into a structure such as a drive4way or ...

In land surveying, the point al which two properties intersect constituting a boundary line between the properties. A corner can be determined by either a survey or general agreement ...

(1) Housing arrangement in which the tenants are shareholders in a company that owns and maintains the structure. (2) Agreement between two real estate brokers in which the commission will ...

An enticingly attractive initial rate below the market offered in an adjustable rate mortgage. For example, the teaser rate may be offered at 2% below market. A borrower who cannot qualify ...

A wall or roof which extends beyond a lower wall. ...

The definition of acquisition cost in real estate is the total cost recorded by a company or individual pertinent to the purchasing of a property. This is the entire amount written down in ...

The term accusation refers to a declaration made by an individual about another individual or entity having behaved in an immoral, improper, or wrong manner. The two parts of an accusation ...

When we talk about acceptance in the real estate world, we have to talk about an offer that is accepted. The definition of acceptance implies the existence of an offer that we can accept or ...

Popular Real Estate Questions