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This addendum, promulgated by the Texas Real Estate Commission, outlines the procedures and conditions related to executing a back-up contract for the sale of real estate. It includes details about earnest money, option fees, contingencies related to a first contract, and the obligations of buyers and sellers regarding timely payments.

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What is addendum for back-up contract?

An addendum for back-up contract is a supplementary document that outlines specific terms and conditions added to a primary contract, providing an alternative agreement in the event the primary contract fails or is not executed.

Who is required to file addendum for back-up contract?

The entity or individual who holds the primary contract and seeks to secure protections or adjustments to the terms is typically required to file the addendum for the back-up contract.

How to fill out addendum for back-up contract?

To fill out an addendum for back-up contract, provide clear and specific details that outline the changes or additions to the original contract, including parties involved, effective dates, and any relevant conditions or clauses that need to be addressed.

What is the purpose of addendum for back-up contract?

The purpose of an addendum for back-up contract is to ensure clarity and flexibility in contractual agreements, allowing parties to address unforeseen issues or to clarify aspects of the primary contract without needing to create an entirely new agreement.

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

The information that must be reported on an addendum for back-up contract includes details of the original contract, specific amendments or terms added, parties involved, effective dates, and any legal or compliance details relevant to the back-up agreement.

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