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BACKUP OFFER ADDENDUM 1. THE PARTIES. This Backup Offer Addendum (Addendum) made this ___ is by and between: Seller: ___ (Seller) and Buyer: ___ (Buyer). The Seller and Buyer are each referred to

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How to fill out backup offer addendum

01

Obtain a copy of the original purchase agreement and backup offer addendum form.

02

Fill out the basic information such as the property address, buyer's and seller's names, and the date.

03

Clearly indicate that the offer is a backup offer and specify the conditions under which it will become active (e.g. if the primary offer falls through).

04

Include any additional terms or conditions that you want to add to the backup offer, such as a different closing date or earnest money amount.

05

Have both the buyer and seller sign and date the backup offer addendum to make it legally binding.

Who needs backup offer addendum?

01

Buyers who want to secure a position as a backup option in case the primary offer on a property falls through.

02

Sellers who want to have a backup offer in place to ensure a smooth transaction in case the primary offer does not proceed.

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What is backup offer addendum?

A backup offer addendum is a document that allows a potential buyer to submit an offer on a property that is already under contract, in case the original contract falls through.

Who is required to file backup offer addendum?

Buyers who want to make a backup offer on a property that is already under contract are required to file a backup offer addendum.

How to fill out backup offer addendum?

To fill out a backup offer addendum, buyers must provide their offer price, terms, and any other relevant information, and sign the document to make it legally binding.

What is the purpose of backup offer addendum?

The purpose of a backup offer addendum is to establish a secondary offer in case the primary contract falls through, giving the backup buyer the opportunity to purchase the property.

What information must be reported on backup offer addendum?

The backup offer addendum must include the offer price, terms, expiration date of the offer, and any conditions that must be met for the offer to be valid.

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