A glossary of real estate and mortgage terms for home buyers and sellers
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| Term | Definition |
|---|---|
| Backup contract |
A term often used with contracts to buy real estate. A backup contract is a contract that will replace a prior contract in the event of failure to perform or close by the parties of the prior contract. The seller shoul d get a release from the buyer on the first contract before canceling the contract and proceeding with the second, or backup, contract. |
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