Contracts
In Rhode Island, what is a 'backup offer'?
AA second offer from the same buyer with a higher price
BAn offer submitted by a buyer to be in position to purchase if the primary accepted offer falls through✓ Correct
CAn offer that requires the seller to make all repairs
DAn offer contingent on the sale of another property
Explanation
A backup offer is an offer accepted by the seller as a contingent second position—if the primary contract falls through, the backup offer buyer has the right to purchase the property. The seller must disclose the backup position to both buyers.
Related Rhode Island Contracts Questions
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