This addendum states that the contract to which it is attached is binding upon execution by the parties, and the earnest money and any option fee must be paid as provided in the back-up contract. The addendum also states that if the first contract terminates on or before the specified date and time, the back-up contract will no longer be contingent upon the termination of the first contract. For purposes of this addendum, time is of the essence and strict compliance with the times for performance will be required.
The Corpus Christi Texas Addendum for Back Up Contract is a legal document that provides additional terms and conditions to an existing contract in the context of real estate transactions. This addendum is specific to properties located in Corpus Christi, Texas, and is used when a backup offer has been made on a property already under contract. Keywords: Corpus Christi Texas, addendum, back up contract, real estate transactions, backup offer, properties There are several types or variations of the Corpus Christi Texas Addendum for Back Up Contract, each serving a distinct purpose. Below are some commonly encountered types of addenda: 1. Financing Addendum for Back Up Contract: This type of addendum specifies the financing terms and conditions for the buyer in case the primary contract falls through. It may include details such as loan amount, interest rate, down payment, and closing costs. 2. Inspection Addendum for Back Up Contract: This addendum outlines the inspection rights and obligations of the buyer in the event of the primary contract's termination. It may cover inspection timelines, seller's responsibilities, and potential repairs or credits. 3. Title Addendum for Back Up Contract: This addendum focuses on the title-related matters. It often addresses issues concerning title search, title insurance, any existing liens or encumbrances, and the responsibility for clearing them. 4. Earnest Money Addendum for Back Up Contract: This type of addendum specifies how the earnest money deposit will be handled if the backup offer becomes the primary contract. It covers topics such as the refund process, escrow arrangement, and potential forfeiture. 5. Contingencies Addendum for Back Up Contract: This addendum clarifies the contingencies that must be met before the backup offer can be executed. It may include contingencies related to appraisal, sale of the buyer's existing property, or obtaining necessary permits. It is important to note that the specific terms and content of the Corpus Christi Texas Addendum for Back Up Contract may vary depending on the real estate professionals involved and the unique circumstances of the transaction. Therefore, it is advisable to consult a qualified attorney or real estate agent experienced in Corpus Christi, Texas, to draft or review such documents.The Corpus Christi Texas Addendum for Back Up Contract is a legal document that provides additional terms and conditions to an existing contract in the context of real estate transactions. This addendum is specific to properties located in Corpus Christi, Texas, and is used when a backup offer has been made on a property already under contract. Keywords: Corpus Christi Texas, addendum, back up contract, real estate transactions, backup offer, properties There are several types or variations of the Corpus Christi Texas Addendum for Back Up Contract, each serving a distinct purpose. Below are some commonly encountered types of addenda: 1. Financing Addendum for Back Up Contract: This type of addendum specifies the financing terms and conditions for the buyer in case the primary contract falls through. It may include details such as loan amount, interest rate, down payment, and closing costs. 2. Inspection Addendum for Back Up Contract: This addendum outlines the inspection rights and obligations of the buyer in the event of the primary contract's termination. It may cover inspection timelines, seller's responsibilities, and potential repairs or credits. 3. Title Addendum for Back Up Contract: This addendum focuses on the title-related matters. It often addresses issues concerning title search, title insurance, any existing liens or encumbrances, and the responsibility for clearing them. 4. Earnest Money Addendum for Back Up Contract: This type of addendum specifies how the earnest money deposit will be handled if the backup offer becomes the primary contract. It covers topics such as the refund process, escrow arrangement, and potential forfeiture. 5. Contingencies Addendum for Back Up Contract: This addendum clarifies the contingencies that must be met before the backup offer can be executed. It may include contingencies related to appraisal, sale of the buyer's existing property, or obtaining necessary permits. It is important to note that the specific terms and content of the Corpus Christi Texas Addendum for Back Up Contract may vary depending on the real estate professionals involved and the unique circumstances of the transaction. Therefore, it is advisable to consult a qualified attorney or real estate agent experienced in Corpus Christi, Texas, to draft or review such documents.
