Contracts
What is a 'back-up contract' in an Illinois real estate transaction?
AA secondary contract prepared in case the primary contract fails
BA contract accepted as a secondary offer, contingent on the primary contract failing to close, with the secondary buyer waiting in line to purchase✓ Correct
CA backup copy of the contract kept by the broker
DA contract for purchase of an alternative property in case the primary falls through
Explanation
A back-up contract is accepted by a seller in second position, contingent on the first (primary) contract not closing. The backup buyer agrees to wait and steps into the primary position if the primary contract falls through.
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