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TOPICAL REAL ESTATE DICTIONARY Top 20 Terms Agents Buying Closing Contract Credit Inspection Law Financing Selling Taxes/Insurance Contract 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. counteroffer A response to an offer.