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  • Back Up Offer Form 1-11

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BACK-UP OFFER, Addendum Sale Agreement #: Dated: Seller: Purchaser: Real Property: The Seller accepts the Purchaser s offer subject to the termination and release of a prior offer. Purchaser acknowledges.

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What is a Back-Up Contract? Back-Up Contracts are enforceable contracts; they are simply subject to one additional contingency i.e. termination of the First Contract. A Back-Up Contract is a binding contract and as such both option and earnest money must be paid (and delivered) per the terms of the contract.

A seller can accept backup offers in any market, but the tactic of placing an offer on a home that's already under contract is more common when housing inventory is low. A seller may accept backup offers so if the current buyer walks there is another purchaser ready to close the deal.

What is a Back-Up Contract? Back-Up Contracts are enforceable contracts; they are simply subject to one additional contingency i.e. termination of the First Contract. A Back-Up Contract is a binding contract and as such both option and earnest money must be paid (and delivered) per the terms of the contract.

When the seller signs the backup contract, it means that if Buyer 1 should cancel their contract for any reason, Buyer 2 is automatically under contract to buy the home. Multiple backup offers are rare, but are possible as well.

Only after the first contract is clearly over can the seller accept the second offer. ... A: Offers from other buyers can be accepted by the seller even if the property is under contract. The seller may or may not be able to break the first buyer's contract and successfully sell to the higher bidder.

if the primary contract falls through, your contract will become the primary contract. as long as you are in backup position and pay your option fee you can terminate the backup offer by notifiying the seller's agent in writing and receive your earnest money back.

What Is A Backup Offer? In home buying, a backup offer is made in acknowledgment of an existing offer and ensures a contract with the seller if that first offer falls through. It's a legally binding contract that, if accepted by the seller, will put you next in line to purchase the home should the first buyer back out.

A tactic that is not often discussed is the practice of submitting what's known as a backup offer. A backup offer is a legally binding contract in which an interested buyer offers to purchase the home at a certain price, under certain terms, if the primary offer falls through.

A seller considers and accepts a backup offer just as they would a primary offer, so it's important to strategize if you want yours to be accepted. ... The reasoning behind this is that your backup offer gives the seller a safety net that prevents them from having to reenter the market if their primary offer falls apart.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232