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The first tenant skipped out after 2 months, stiffing me for $800. Next tenant only wanted a six mon...
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Back-Up Contract

A contract or offer that is in a secondary position to an already existing contract. This contract shall be elevated to the first position if some condition in the first contract is not met. If the first position contract is consummated, then the second contract is no longer in effect.

See also:
  • Back-Up Contract
  • Balloon
  • Bankruptcy
  • Bill of Sale
  • Binder
  • Bridge Loan
  • Broker
  • Buyer
  • Buyer`s Agent

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