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Get the free BACK-UP ADDENDUM TO PURCHASE AND SALE AGREEMENT IT IS

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Commercial Brokers Association 2011 ALL RIGHTS RESERVED KR Business Brokers 2024 Madison St Everett, WA 98203 Phone: 2065714745 Fax: 2066417260 CBA Form BUA Backup Addendum Rev. 1/2011-Page 1 of 1
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How to fill out back-up addendum to purchase

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Who needs back-up addendum to purchase?

01
Homebuyers who are interested in making an offer on a property but want to have a back-up plan in case the original offer falls through.
02
Sellers who want to have a second or alternative offer ready in case the original offer does not proceed.
03
Real estate agents or brokers who want to ensure a smooth transaction by having a back-up offer in place.

How to fill out back-up addendum to purchase:

01
Begin by reviewing the original purchase agreement and understanding its terms and conditions.
02
Clearly state the intention of the back-up addendum, outlining that it is a secondary offer in the event the primary offer fails to proceed.
03
Clearly identify the property being purchased, providing its full address and relevant details.
04
Specify the terms of the back-up offer, including the purchase price, financing terms, and any contingencies or conditions that need to be met.
05
Outline the timeframe for the back-up offer, indicating the expiration date or the conditions under which it will become null and void.
06
Define the process for activating the back-up offer, such as in the event the primary offer is terminated, expired, or withdrawn.
07
Include any additional provisions or disclosures relevant to the back-up offer, such as the buyer's ability to obtain financing or the seller's obligations during the back-up period.
08
Ensure that all parties involved, including the buyer, seller, and their respective agents or representatives, sign and date the back-up addendum.
09
Keep copies of the fully executed back-up addendum for record-keeping purposes and to refer to in the event it needs to be activated.
Remember, it is crucial to consult with a real estate attorney or professional familiar with local laws and regulations to ensure that the back-up addendum is properly completed and complies with all legal requirements.
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The back-up addendum to purchase is a document that is used when the primary purchase agreement falls through, and a back-up offer needs to be considered.
Buyers and sellers involved in a real estate transaction may be required to file a back-up addendum to purchase.
The back-up addendum to purchase must be filled out with the details of the back-up offer, signatures of all parties involved, and any additional terms or conditions.
The purpose of the back-up addendum to purchase is to have a secondary offer in place in case the primary offer falls through.
The back-up addendum to purchase must include details of the back-up offer, signatures of all parties, and any additional terms or conditions.
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