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TOPICAL REAL ESTATE DICTIONARY
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Contract
acceptance
The seller's written
approval of a buyer's offer.
addendum
An addition or change
to a contract.
backup
offer
A secondary bid for a property that the
seller will accept if the first offer fails.
contingency
A condition
specified in a purchase contract, such as a satisfactory home
inspection.
contract to
purchase
A contract the buyer initiates which
details the purchase price and conditions of the transaction and is accepted by
the seller. Also known as an agreement of sale.
counteroffer
A response to an
offer.
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