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This document serves as an addendum to a backup contract regarding the binding terms, earnest money, option fee, and contingencies related to the termination of a prior contract for the sale of property.

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How to fill out addendum for back-up contract

01

Obtain the standard addendum form for the back-up contract from your real estate agent or legal advisor.

02

Fill in the date at the top of the addendum.

03

Clearly identify the property involved in the back-up contract by including the address and any other relevant details.

04

Reference the primary contract and specify that this is a back-up contract contingent upon the primary contract not closing.

05

Include any specific terms and conditions that will apply to the back-up contract.

06

Clarify the time frame for which this back-up contract will remain valid.

07

Have all parties involved review the addendum to ensure understanding and agreement.

08

Sign and date the addendum in the appropriate spaces designated for all parties.

Who needs addendum for back-up contract?

01

Real estate buyers who want to secure a property while another contract is active.

02

Sellers who are willing to accept a back-up offer in case the primary contract falls through.

03

Real estate agents facilitating offers and contracts for their clients.

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What is addendum for back-up contract?

An addendum for a back-up contract is a legal document that modifies or adds to the terms of an existing contract, specifically to provide a backup plan in the event that the primary agreement cannot be fulfilled.

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

Typically, the parties involved in the primary contract are required to file the addendum for a back-up contract, especially when one party wants to ensure they have an alternative agreement in place.

How to fill out addendum for back-up contract?

To fill out the addendum for a back-up contract, you should include the original contract details, specify the back-up terms, outline the conditions under which the addendum comes into effect, and have all parties sign the document.

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

The purpose of an addendum for a back-up contract is to provide security and clarity for all parties involved, ensuring that alternative provisions are in place in case the main contract is not executed as planned.

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

The information that must be reported includes the original contract reference, the specific terms of the back-up agreement, any deadlines or conditions, and signatures from all involved parties.

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