Is this the right time to use the back-up contract addendum?

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09/29/2014 | Author: Editorial Staff

A seller is under contract to sell his property. The Addendum for Sale of Other Property by Buyer is attached to the contract. A second buyer makes an offer. Should the Addendum for Back-Up Contract be used when negotiating the second offer?

Yes. In this situation, the second offer, once accepted, can be a back-up contract only. According to Paragraph B of the Addendum for Sale of Other Property by Buyer, the seller may not compel the first buyer to waive the contingency or terminate the contract under the addendum until the seller accepts a written offer to sell the property.

 The seller may not accept a second offer unless the back-up addendum is part of the second offer. Otherwise, the seller may be obligated to sell to two different buyers, especially if the first buyer waives the contingency. 

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Categories: Forms, Legal
Tags: forms, legal, legal faq, addendum, multiple offers


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Legal disclaimer

The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on Any legal or other information found here, on, or at other sites to which we link, should be verified before it is relied upon.

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