Contracts
In Virginia, a 'back-up offer' in real estate is one that:
AIs submitted after the property closes
BIs accepted by the seller conditioned on the primary contract not closing✓ Correct
CAutomatically overrides a lower primary offer
DRequires VREB approval before acceptance
Explanation
A back-up contract is accepted by the seller subject to the primary contract not being completed. If the primary contract falls through, the back-up buyer moves to the primary position.
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