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

Worth of property based on the relevant economic factors (e.g., state of the economy, unemployment rate). ...

(1) Method of measurement lumber using the board foot cubic measure. The board measure is used to estimate quantities and prices of lumber materials. (2) Method of estimating lumber ...

Legal action between a plaintiff and defendant. ...

English style of architecture characterized by carving and paneling and flattened arches. ...

In between, intermediate, intervening; passing an interest from a principal to a second party and then to a third party. ...

Levied on those benefiting from the installation of a sewer. ...

A mortgage on which the interest rate is constant, but the payments are structured to increase, so the loan is paid off much earlier. ...

An agreement, debt, or low which can be operationalized, fulfilled, completed, or performed. ...

A lease contract to possess a parcel or property for a certain period of time. A leased fee estate is a conditional estate conveyance in real property for a specified period of time. The ...

Popular Real Estate Questions