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This addendum serves as a supplementary agreement to the HREA Residential Offer to Purchase, outlining the rights and obligations of the parties involved in the event of an existing binding contract to sell the property to a third party, with specific clauses regarding notification, termination, and conditions of the agreement.

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How to fill out back-up contract addendum

01

Gather all necessary information including the primary contract details.

02

Clearly state that the document is a back-up contract addendum at the top of the page.

03

Include the names and contact information of all parties involved.

04

Reference the original contract by including its date and any relevant clause numbers.

05

Outline the conditions under which the back-up contract will become effective.

06

Specify the terms and conditions of the back-up contract, ensuring they align with the original contract.

07

Include signatures from all parties to confirm acceptance of the addendum.

Who needs back-up contract addendum?

01

Real estate buyers and sellers who want to secure a secondary agreement in case the primary contract fails.

02

Agents or brokers who are facilitating transactions to protect their clients' interests.

03

Investors looking to have a contingency plan for property deals.

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What is back-up contract addendum?

A back-up contract addendum is a legal document that is added to a primary contract, allowing a secondary buyer to step in and purchase the property if the primary buyer fails to complete the transaction.

Who is required to file back-up contract addendum?

The seller of the property is typically required to file a back-up contract addendum when accepting a back-up offer from a prospective buyer.

How to fill out back-up contract addendum?

To fill out a back-up contract addendum, you should enter details such as the names of the parties involved, the property address, terms of the agreement, conditions under which the back-up offer becomes active, and signatures from all parties.

What is the purpose of back-up contract addendum?

The purpose of a back-up contract addendum is to protect the interests of a secondary buyer by securing their right to purchase the property if the primary contract falls through.

What information must be reported on back-up contract addendum?

The back-up contract addendum must report the buyer and seller's names, property details, price, terms of sale, and any conditions that activate the back-up contract.

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