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BACKUP OFFER ADDENDUM This BACKUP OFFER ADDENDUM is made a part of the Contract Reference dated and between, 20 (“Buyer “), and for the property located at, by (“Seller “) MK# CPR (the “Property).
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How to fill out back-up offer addendum

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How to fill out back-up offer addendum:

01
Read the original purchase agreement: Before filling out the back-up offer addendum, carefully review the terms and conditions outlined in the original purchase agreement. This will help you understand the specific details and requirements that need to be included in the addendum.
02
Identify the property: Clearly state the address or other identifying information of the property in the addendum. This ensures that the addendum is specifically for the property in question.
03
Declare the back-up offer: Clearly state that the addendum is a back-up offer, and specify the terms and conditions of the offer. This includes the price you are willing to pay, any contingencies or conditions, and the expiration date of the offer.
04
Disclose any contingencies: If your back-up offer is contingent upon any additional factors, such as securing financing or selling your current property, clearly state these contingencies in the addendum.
05
Specify the priority: If there are multiple back-up offers, it's important to specify the priority of each offer. This ensures that the seller knows the order in which they should consider accepting offers if the primary offer falls through.
06
Attach documents if necessary: If there are any supporting documents that are relevant to your back-up offer, such as proof of funds or pre-approval letters, attach them to the addendum.

Who needs a back-up offer addendum?

A back-up offer addendum is typically used by individuals or entities who are interested in purchasing a property that already has an accepted offer. These individuals or entities want to submit a secondary offer in case the primary offer falls through. Therefore, anyone who wishes to secure their position as a potential buyer for a property can use a back-up offer addendum.
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Back-up offer addendum is a legal document that is used when a buyer submits an offer on a property that already has an accepted offer. This document puts the back-up offer in line to purchase the property if the initial offer falls through.
Buyers who are submitting a back-up offer on a property are required to file the back-up offer addendum.
To fill out a back-up offer addendum, buyers must provide their offer amount, terms and conditions, and sign the document in order to submit it with the seller and their agent.
The purpose of back-up offer addendum is to provide a legal way for buyers to submit an offer on a property that already has an accepted offer, in case the initial offer falls through.
Information such as offer amount, terms and conditions of the offer, buyer's signature, and date must be reported on the back-up offer addendum.
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S138HRJan-13 CPR hereof TMK undersigned referenced ADDENDUM unilaterally liabilities notification contingent brokers Thereafter cancellation deemed Escrow tagged existing

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