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Under Contract Accepting Backup Offers I×We, the Seller’s), have accepted a contract on our property located at: and hereby instruct our Broker to continue to market this property in the MLS as
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How to fill out under contract accepting back-up
How to fill out under contract accepting back-up:
01
Begin by reviewing the terms and conditions of the original contract. Familiarize yourself with the terms under which the seller is able to accept back-up offers.
02
Determine if you are interested in placing a back-up offer on the property. Consider factors such as the property's location, price, and condition.
03
Contact your real estate agent or the listing agent to express your interest in submitting a back-up offer. They will provide you with the necessary documents and guide you through the process.
04
Carefully read and complete the back-up offer form. Include all necessary details such as your proposed purchase price, financing terms, and any contingencies you may have.
05
Make sure to sign and date the back-up offer form. Include any additional supporting documents, such as a pre-approval letter from your lender.
06
Submit the completed back-up offer to the listing agent or the seller, as per their instructions. Be sure to keep a copy for your records.
07
Wait for a response from the seller or their agent. They will review your back-up offer and either accept, reject, or counter it.
08
If your back-up offer is accepted, you will become the official back-up buyer. This means that if the primary contract falls through or is terminated, you will have the opportunity to proceed with purchasing the property.
09
Stay in close communication with the listing agent throughout the process. They will keep you informed of any developments or changes in the status of your back-up offer.
Who needs under contract accepting back-up?
Under contract accepting back-up is beneficial for:
01
Buyers who are interested in a property that is already under contract but want to be considered if the primary contract falls through.
02
Sellers who want to maximize their chances of selling their property. By accepting back-up offers, they ensure that there is a potential buyer waiting in case the first contract doesn't close.
03
Real estate agents who want to provide additional options to their clients. Accepting back-up offers can demonstrate their dedication to their clients and increase their chances of closing a sale.
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What is under contract accepting back-up?
Under contract accepting back-up is a clause in a real estate contract that allows the seller to accept a secondary offer in case the primary offer falls through.
Who is required to file under contract accepting back-up?
The seller of a property is typically required to file under contract accepting back-up.
How to fill out under contract accepting back-up?
The seller or their real estate agent should fill out the necessary paperwork to include the clause in the contract.
What is the purpose of under contract accepting back-up?
The purpose of under contract accepting back-up is to protect the seller in case the primary offer falls through by allowing them to accept a secondary offer.
What information must be reported on under contract accepting back-up?
The under contract accepting back-up clause should specify the terms under which a secondary offer can be accepted, such as timelines, contingencies, and any other relevant details.
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