Backup contract financial definition of backup contract

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backup contract

backup contract

An offer to purchase that is accepted by the seller but is contingent on a prior contract failing to proceed to closing.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.

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Price and terms would already have been agreed upon in that backup contract.

Backup contract

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