Link to home page, or members home page if logged in as a member
COVID-19
For AEs
Governance Professional Standards Board Staff Education Resources Guest Speakers and Installations Communications Issues Mobilization and Political Advocacy Assessment TREPAC Resources FAQ
For Leaders
Committees Volunteer for a Committee Key Leadership Directory Resources Expense Reimbursement Travel Policy Local Officers Leadership Guide Leadership Applications Whistleblower Policy
About Us
Contact Us Who We Are Leadership & Staff
Member Directory
REALTORS® and Appraisers Service Providers Relief Funds Careers Newsroom
For Buyers, Sellers, Renters
For REALTOR® Members
Legal & Ethics
Forms Blank Form Downloads zipForm Help Approved Form Vendors Form Changes Hot Topics Resources Legal FAQs Hotline: 800-873-9155 Risk Management Resources Manuals and Guides Legal Fund Fair Housing for REALTORS® Ethics Code of Ethics Complaints Arbitration
Government Affairs
Political Affairs Political Affairs Resources Grassroots Election Programs Get Involved Legislative Affairs Positions Issues Mobilization TREPAC What is TREPAC? TREPAC Awards Savings Calculator Resources for TREPAC Leaders My TREPAC Level TREPAC Video Contest Winners
Education
Courses Find a Course Online Learning My Education Fast Pass FAQs About CE Designations and Certifications GRI – Graduate REALTOR® Institute TACS – Texas Accredited Commercial Specialist TAHS – Texas Affordable Housing Specialist TRLP – Texas REALTORS® Leadership Program TRLS – Texas Residential Leasing Specialist TRPM – Texas Residential Property Manager Business Skills Development For Instructors Resources Instructor Training Institute
Specialties
Commercial Property Management Farm and Ranch Global Affordable Housing Brokers and Managers Young Professionals & Diversity
Research
MarketViewer
Real Estate Trends
Texas Relocation Report Texas Quarterly Housing Report Texas Homebuyers and Sellers Report Texas Small Land Sales Report Texas International Homebuyers Report Texas Condominium Sales Report Texas Luxury Home Sales Report Texas Remodel Valuation Report Texas REALTOR® Satisfaction Index Profile Reports Buyers and Sellers Texas REALTORS® Member Profile
Member Benefits
Value of Membership Texas REALTORS® Stores Alphabetical List of Benefits Browse by Category Safety Resources Become a Benefits Partner Texas REALTORS® MLS
Events
All Events
Meetings
Texas REALTORS® Winter Meeting Texas REALTORS® 360 Texas REALTORS® Conference REALTOR® Day at Texas Capitol 3-Year Meeting Calendar
Webinars
Upcoming Webinars Past Webinars Speak at Conference
Communications
Advice for REALTORS® Blog Texas REALTOR® Magazine Current Issue Read Texas REALTOR® Archives Contact the Editors Manage Your Magazine Subscription Videos: Legal Topics Explained Manage Email Subscriptions Write for Texas REALTORS® Social Media Advertise With Us

COVID-19
For AEs
Governance Professional Standards Board Staff Education Resources Guest Speakers and Installations Communications Issues Mobilization and Political Advocacy Assessment TREPAC Resources FAQ
For Leaders
Committees Volunteer for a Committee Key Leadership Directory Resources Expense Reimbursement Travel Policy Local Officers Leadership Guide Leadership Applications Whistleblower Policy
About Us
Contact Us Who We Are Leadership & Staff
Member Directory
REALTORS® and Appraisers Service Providers Relief Funds Careers Newsroom

  • Members
  • Communications
  • Advice for REALTORS®
  • How Do You Get the Info for a Backup Contract?

How Do You Get the Info for a Backup Contract?

February 20, 2020 | Texas REALTORS® Staff

My client wants to submit a backup offer on a home that already has a contract pending. How do I get the information I need to prepare the backup addendum?

Ask the listing agent for the effective date of the pending contract. This date will go in the first blank. 

Your client’s decision about the length of time he wants to stay in a backup position will determine how you fill in the last blank in the form. Some backup buyers may want to have their contract terminate within days if the first contract doesn’t terminate early, while others may want to retain their backup contract rights until after the last possible date that the pending contract might close. If your client wants his backup contract to last until or beyond the pending contract’s closing date, you can also ask the listing agent to provide the pending contract’s closing date.

Remember to tender the termination-option fee with your buyer’s backup offer if he wants an unrestricted right to terminate his contract and has provided for that in the main part of the contract.

5
Leave a Reply

avatar
2 Comment threads
3 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
4 Comment authors
Richard WeeksSharon TzibRomona BroganMARLIN JONES Recent comment authors
avatar
newest oldest
MARLIN JONES
Guest
MARLIN JONES

concerning the option fee in this situation, should you do the option time like you normally would, like 10 days?
or wait and see if the first contract fails, then do the option time once your contract takes effect?

Reply
1 year ago
Romona Brogan
Guest
Romona Brogan

I just did one and when our back up offer went into effect I submitted an amendment to the contract starting the finance addendum and the option over at day 1 effective with the amendment date. I had watched an online lesson about it and that’s what the presenter indicated about how to handle. Seller had no issue signing the amendment.

Reply
1 year ago
Sharon Tzib
Guest
Sharon Tzib

Please see the last sentence in Paragraph B of the Back Up Offer Addendum, which addresses your question: “For purposes of performance,the effective date of the Back-Up Contract changes to the date Buyer receives notice of termination of the First Contract (Amended Effective Date).” All timeframes in your contract will be based on said notice. No need for addendums changing anything, as commenter’s trainer below suggested.

Reply
1 year ago
Richard Weeks
Guest
Richard Weeks

Please talk to your broker

Reply
1 year ago
Sharon Tzib
Guest
Sharon Tzib

You need to tender the EMD as well when you are in the back up position, otherwise the first sentence in paragraph B of the Back Up Offer Addendum wouldn’t make any sense. Our MLS lists the Pending date and Estimated Close date, so you can use those too if you can’t get an answer from the listing agent quickly enough.

Reply
1 year ago

Get email notifications from this blog

Categories

  • Advice for REALTORS®
    • Association Business
    • Benefits
    • Business Tips
    • Commercial
    • Education
    • Ethics
    • Global
    • Governmental Affairs
    • Legal
    • Meetings
    • Property Management
    • Research
    • TREC
  • Current Topics
    • Buyers
    • Landlords
    • Renters
    • Sellers
  • Uncategorized

Tags

advertising awards brokers business advice buyers buying Code of Ethics Commercial consumers contracts elections fair housing forms Governmental Affairs Harvey homebuyers homesellers Hurricane Harvey Legal legal faq legislative affairs marketing marketviewer member benefits MLS NAR negotiation political affairs Property management renters Research rpr Seller's Disclosure sellers selling share this social media survey taxes tenants Texas Legislature texas realtor magazine TREC TREC rules webinar

Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
Legal Disclaimer

Texas REALTORS® provides content through various online platforms, including this blog. By interacting with any of our blog posts, you agree to comply with the following terms and conditions:

  • a. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments);
  • b. You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and
  • c. You will not post content or take any action on our blog posts that infringes someone else’s rights or otherwise violates the law.
  • d. You will not post any information intended to sell or advertise a business, product, or service.

Texas REALTORS®, in its sole discretion, reserves the right to remove any content you have uploaded, posted, or submitted onto any of our blog posts if we believe that it violates these terms or conditions.

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 Texas 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, Texas REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here. Any legal or other information found on this page or at other sites to which we link, should be verified before it is relied upon.

For Buyers, Sellers, Renters
For REALTOR® Members
Link to home page, or members home page if logged in as a member
Texas REALTORS® is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients.
© 2021 Texas REALTORS®
Latest Tweets
  • Register now for one of the most engaging events of the year! Texas REBar Camp (April 27-29) is three days of inter… https://t.co/U78VsHw1vW9 hours ago
  • Register now for "Bias Override: Overcoming Barriers to Fair Housing Training," a free course designed to help agen… https://t.co/3j0KprJTgm10 hours ago
Quick Links
About Us Contact Us Newsroom Site Map Terms of Use Privacy Policy Accessibility Report a Problem
  • Facebook
  • Twitter
  • Default Label
  • Default Label
  • Default Label

Uh Oh!

×
There's been an error!
wpDiscuz