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BACKUP OFFER ADDENDUMAddendum # 1. 2. 3. 4. 5. In reference to Buy and Sell Agreement between, the Buyer, and the Seller, with a referenced contract date of, covering the real property located at

How to fill out back up offer addendum

How to fill out back up offer addendum:

1. Obtain a copy of the back up offer addendum form from your real estate agent or the party requesting it.
2. Read through the addendum carefully to understand its terms and conditions.
3. Fill in your personal and contact information in the designated fields.
4. Review the terms of the original offer and state the terms and conditions you are adding or modifying in the addendum.
5. Clearly state the contingencies or conditions that need to be met for your back up offer to become active.
6. Specify the expiration date of the back up offer if applicable.
7. Sign and date the addendum.
8. Submit the completed back up offer addendum to the appropriate party or your real estate agent.

Who needs back up offer addendum:

1. Buyers who want to express an interest in purchasing a property that already has an accepted offer.
2. Sellers who want to consider alternative offers in case the initial offer falls through.
3. Real estate agents involved in the transaction to ensure all parties are aware of the back up offer and its terms.

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What is back up offer addendum?

A backup offer addendum is a document used in real estate transactions that allows a buyer to submit an offer on a property that is already under contract. It serves as a secondary offer in the event that the primary offer falls through.

Who is required to file back up offer addendum?

The buyer who wants to make a backup offer on a property that is already under contract is typically required to file the backup offer addendum, along with their written offer.

How to fill out back up offer addendum?

To fill out a backup offer addendum, the buyer should provide relevant details such as their personal information, the property address, offer details including the purchase price, contingencies, and terms. It should be signed by both the buyer and the seller.

What is the purpose of back up offer addendum?

The purpose of a backup offer addendum is to allow buyers to secure their position as the next potential purchaser for a property, should the current contract fail. It provides a formal way to express continued interest and readiness to proceed.

What information must be reported on back up offer addendum?

The backup offer addendum must report information including the buyer's name, the property address, the terms of the offer, the proposed closing date, any contingencies, and the expiry date of the offer.