acceptance The seller's written
approval of a buyer's offer.
addendum An addition or change
to a contract.
backup
offer A secondary bid for a property that the
seller will accept if the first offer fails.
contingency A condition
specified in a purchase contract, such as a satisfactory home
inspection.
contract to
purchase A contract the buyer initiates which
details the purchase price and conditions of the transaction and is accepted by
the seller. Also known as an agreement of sale.
