Addendum For Back-Up Contract To Contract Concerning The Property At
The following addendum is authorized by the Texas Real Estate Commission. This addendum has to be attached to the backup contract. Complete the form and send it along with all the required fees.
[rawlink]http://www.trec.state.tx.us/pdf/contracts/11-7.pdf[/rawlink]Relevant article from our knowledge databaseSellers usually enjoy these contingencies as it makes it simple to pursue another buyer in the event the first one doesn't work out. The purchaser asks the seller for a time period to enter into a contract for the selling of the purchaser's house. He can only buy the seller's house if the buyer obtains a contract for the sale of the buyer's house and can close title on that house. It helps a buyer to work out a residence and put in under contract while the purchaser attempts to sell their residence.
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Buyer 1 has plenty of likely future reasons to back from the contract. Otherwise, the purchaser can waive the contingency. If he is able to get his present home sold within that time period, the deal can go forward. The second buyer may not be pleased to wait around for that opportunity to pass and could look to seek out another house without a house sale contingency.
Seller should get expert advice. No, the seller can't march to the title provider and cancel the present purchaser's contract. In this way, it is not hurt if the buyer never sells their house. Often in real estate transactions, a house seller is going to be approached by an expected buyer who's offering a good purchase price, but still has a home to sell.