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Back up offer addendum california

Back up offer addendum 2025

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The document is a Back-up Offer Addendum related to a Buy and Sell Agreement, outlining the terms under which a back-up offer becomes effective if the primary agreement is terminated. It details the acknowledgment of an existing agreement, conditions for effectiveness, withdrawal rights for the buyer, expiration terms, and seller's rights to modify the original agreement. The addendum serves as a legal framework for managing secondary offers on real estate.

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Click ‘Get Form’ to open the back up offer addendum in the editor.
Begin by filling in the Addendum number at the top of the form. This helps identify your specific agreement.
In section 5, clearly state the names of both Buyer and Seller, along with the contract date and property details. This establishes context for your agreement.
Proceed to section 6, where both parties acknowledge that there is a primary Buy and Sell Agreement in place. Ensure this acknowledgment is clear.
In sections 9 through 19, choose one of the three options regarding how this back up offer will be handled if the primary agreement is terminated, withdrawn, or expires. Fill in any necessary dates or conditions.
Complete sections regarding Seller’s right to modify and conflicting terms to ensure clarity on how this addendum interacts with existing agreements.
Finally, sign and date the document in the designated areas for both Buyer and Seller, ensuring all parties have acknowledged their agreement.

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Why would a realtor accept backup offers?

Backup offers are useful to the seller because they raise the chances of the property sale being completed and closed. These kinds of offers are common in locations that have a high desirability factor like in-town locations, country clubs or neighborhoods where buyers outnumber sellers.

How often does a backup offer get accepted?

The Pending: Taking Backups status indicates that although the real estate listing is pending, the seller is still showing the house and accepting backup offers. These types of offers come into play if the first offer falls through for whatever reason.

How do you write a backup offer?

What are the best practices for writing a backup offer contract? Know the status of the first offer. Offer a fair price and attractive terms. Review the sellers disclosures and inspection reports. Include a backup addendum and a termination clause. Stay in touch with the listing agent and your lender.

What does it mean when a house is pending but accepting backup offers?

Pending-Taking Backups allows the seller to consider backup offers if the original offer falls through. A Backup Offer is when the seller has accepted an offer from a buyer but is still accepting offers from other buyers.

Why do realtors accept backup offers?

Contingent contracts are common in the real estate industry. Contingencies can arise that can derail sales from being fully executed. A backup offer ensures that youll score a new contract with a seller if the first offer theyve accepted falls through.

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What is an offer addendum?

An addendum is an addition to a document, often used in contracts. It modifies the original agreement without rewriting it from scratch. Its legally binding once signed and helps clarify or change terms. Common types include real estate, lease, insurance, law school applications, and GAP insurance addendums.

What is the backup offer addendum?

What is a Back-Up Offer Addendum? The back-up offer addendum is a powerful tool that allows a buyer to secure a secondary position on a property already under contract with another buyer.