Mark Ciochon

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Real Estate Glossary

Real Estate Glossary
Use this real estate glossary to research terms you might run across in a real estate transaction.

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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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