What is typically necessary to submit a backup contract?

To submit a backup contract, having a prior agreement is important because it provides the context and conditions under which the backup contract is being created. A backup contract is often used when there is already an accepted offer on a property, allowing potential buyers to be in a preferred position should the initial contract fall through. The prior agreement serves as a reference point for the terms and conditions that the backup offer would need to adhere to, ensuring clarity and continuity in the transaction.

While other options might seem relevant, they do not carry the same significance as a prior agreement in establishing the framework for a backup offer. For instance, a closing statement is relevant after a transaction has occurred, and a property appraisal, while beneficial for assessing value, is not directly tied to the procedural necessity of submitting a backup offer. Approval from a real estate agent can be beneficial but is not a formal requirement in creating a valid backup contract.