Contracts
In Arizona, a 'backup offer' on a property already under contract is:
AIllegal since a property can only have one contract at a time
BPermitted and should be accompanied by earnest money; it becomes the primary contract if the first contract falls through✓ Correct
COnly valid if the first buyer's agent approves it
DOnly allowed in commercial transactions
Explanation
Backup offers are legal and common in Arizona. A buyer can submit a backup offer that goes into second position. If the primary contract is terminated, the backup offer typically moves into primary position automatically.
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