Section #1 – I have put a screen shot of this section I am referring to.
NOTE: This section identifies which back up position number you are….And the expiration date of this Addendum, for example 60 days.
So, if the seller accepts as written, the backup offer expires in 60 days. On the 61st day, it is not enforceable. We would have to request an extension prior to expiration of 60 days, if you want to stay in backup.
Time Frames:
For you to move into 1st position, the seller must provide you notice that the 1st offer cancelled. They would do this by completing the bottom portion of the form. They also must provide a copy of the signed cancellation of 1st offer.
A couple key points to make a note of- you can cancel this back up offer at any time prior to seller giving you notice that the 1st offer cancelled.
Once the seller provides you with written notice- you move into 1st position and therefore would only be able to cancel at that point based on your contingency timeframes specified in the contract. For example, if you waived an inspection contingency, then you would ONLY be able to cancel based on your appraisal or loan contingency.
If at any time you change your mind, it’s always a good thing to let your Realtor® know as soon as possible so the proper paperwork can be prepped to withdraw your offer, that way you are not locked into buying this property.
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Hi, we're Chantel Henson and Betty Stringer and we'd love to assist you. We are a mother-daughter team, committed to assisting you with your Real Estate needs! Providing you with Local Real Estate updates and advice for Monterey, Santa Cruz, Santa Clara, & San Benito County's real estate market for over 24 years.
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***Disclaimer- A Realtor has a fiduciary duty to Buyers and Sellers individually. Our goal is to have a strong knowledge base of contracts. However, we are not Real Estate attorneys. Please contact a Real Estate attorney for more information about how to protect yourself from liability and Real Estate contracts affect you and your situation directly.***