Contracts
In South Carolina, what is a 'backup offer' in real estate?
AAn offer made to a backup agent
BA second offer accepted by the seller contingent on the first contract failing to close✓ Correct
CAn offer that automatically increases to match competing offers
DAn offer with fewer contingencies than the primary offer
Explanation
A backup offer is an offer accepted by the seller as a secondary contract, which becomes operative only if the primary contract falls through. The seller cannot enter into multiple active contracts simultaneously, but a backup position protects all parties if the first deal fails.
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