Get NC Association Of Realtors Standard Form 352-T 2022-2024

A backup offer puts you in line to make a home purchase if the first buyer backs out for common reasons, including property financing or home inspections. Backup offers can help avoid bidding wars. Having a backup offer in place can also help home buyers and sellers get an offer locked in even if the market changes.

If an offer is accepted and there are no contingencies remaining on the purchase contract, it's too late to back out of a home sale without consequences. For buyers, this usually means forfeiting the earnest money, which is usually 1–3% of the purchase price. Learn more about how to write a good real estate contract.

Found another house that you love? No problem! You can cancel a backup offer anytime you want!

Agreement for Purchase and Sale of Real Property (Standard Form 580-T): This type of contract is used for the sale and purchase of commercial real estate and can be used for any form and format of commercial property, including vacant land to be developed commercially and commercial properties that are either owner- ...

Assurance: In the state of North Carolina, a back-up contract is a fully-executed offer. This means that the buyer and seller are both legally bound to the contract. A seller would be in breach of the contract if they were to back out of the primary or back-up contracts.

ing to the North Carolina Offer to Purchase and Contract, both the Buyer and Seller have the right to terminate the contract in certain instances “upon written notice” to the other party.

How to make a winning backup offer Money talks. Present a clean offer, complete with mortgage pre-approval and proof of funds. ... Be flexible. Are you willing to give them extra time to enjoy the holidays in their home, or forgo minor repairs that others might insist on? ... Write a letter. ... Stay visible.