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This document outlines the legally binding rights and duties between the Back-up Buyer and Seller, defining the terms under which a Back-up Buyer may purchase a property if the primary transaction fails.
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How to fill out back-up offer addendum

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How to fill out back-up offer addendum

01
Obtain the standard back-up offer addendum form from your real estate agent or agency.
02
Fill in the names of all parties involved in the real estate transaction.
03
Provide details of the primary offer which this back-up offer will be contingent upon.
04
Specify the terms of your offer, including the proposed purchase price and any contingencies.
05
Include an expiration date for your back-up offer to ensure clarity.
06
Sign and date the addendum to indicate your agreement and intent.

Who needs back-up offer addendum?

01
Homebuyers who want to increase their chances of purchasing a property that is under contract.
02
Real estate investors looking for additional opportunities in competitive markets.
03
Sellers who are open to receiving a back-up offer in case their primary offer falls through.
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A back-up offer addendum is a legal document used in real estate transactions that allows a buyer to submit an offer on a property that is already under contract with another buyer. It serves as a backup in case the primary contract falls through.
Any buyer who wishes to submit a back-up offer on a property that is already under contract is required to file a back-up offer addendum.
To fill out a back-up offer addendum, the buyer needs to provide their personal information, the property details, the proposed purchase price, any contingencies they wish to include, and specify that it is a back-up offer.
The purpose of the back-up offer addendum is to protect a buyer's interest in a property and allow them to step in as the primary buyer should the original buyer's contract fail to close.
The back-up offer addendum must include the buyer's information, property address, offered price, terms of the offer, and a clause stating that it serves as a back-up offer.
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Relevant keywords

Back-Up Offer Residential Sale Real Estate Second Position Transaction First Position Buyer Sale Agreement Property Purchase Termination Notice Position Notice Legal Agreement

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