Contracts
What is a 'backup offer' in a Delaware real estate transaction?
AA second offer submitted when the buyer's first offer expires
BAn offer submitted with the knowledge that another contract is already in place — positioned to become the primary contract if the first contract falls through, with the seller's acceptance✓ Correct
CAn offer submitted through the buyer's backup agent
DA counteroffer the seller keeps in reserve
Explanation
A backup offer is an offer accepted by the seller that is contingent on the primary contract falling through. If the primary buyer terminates, the backup offer becomes the primary contract without re-marketing. Delaware buyers and sellers must clearly document backup offer terms, earnest money handling, and notification requirements.
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