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 Frisco Texas Addendum for Back Up Contract is an important document used in real estate transactions in Frisco, Texas. It is specifically designed to be incorporated into a back-up contract, which is a secondary contract that comes into effect if the primary contract falls through. This addendum is considered essential to protect the interests of both the buyer and the seller in the event that the initial contract fails to close. It outlines additional terms and conditions that will be applicable in case the first contract terminates. Key terms and clauses covered in the Frisco Texas Addendum for Back Up Contract may include: 1. Timeline: This section defines crucial dates and deadlines for both the seller and the buyer, such as the expiration date of the back-up contract, the date by which the buyer must secure financing, and the date for property inspection. 2. Financing: It specifies the type of financing the buyer intends to obtain and includes provisions for the buyer's right to terminate the contract if they cannot secure the specified financing within the agreed-upon timeframe. 3. Appraisal: This clause addresses the appraisal process and determines the course of action if the appraised value falls short of the agreed-upon purchase price, giving the buyer an opportunity to renegotiate or terminate the contract. 4. Inspection: This section outlines the buyer's right to conduct a property inspection and provides guidelines for repairs or requested concession following the inspection. 5. Seller Obligations: It stipulates the seller's responsibilities, such as disclosing any material defects or property issues, providing necessary documents, and maintaining the property's condition. 6. Buyer Obligations: This clause outlines the buyer's obligations, including timely delivery of earnest money, notification of repairs or desired modifications, and adhering to inspection periods and deadlines. 7. Termination and Transition: This section addresses termination of the back-up contract under various circumstances, such as the successful closing of the primary contract or the buyer's decision to terminate the agreement. It also details the next steps that must be followed in case of termination or transition to the primary contract. Different types or variations of the Frisco Texas Addendum for Back Up Contract may exist, catering to specific scenarios or unique terms agreed upon between the buyer and the seller. These variations may include specific provisions related to contingencies, repairs, financing conditions, or other aspects of the transaction. Overall, the Frisco Texas Addendum for Back Up Contract provides clarity, protection, and additional terms that are distinct to the circumstances of a back-up contract, ensuring a smooth and organized real estate transaction process for all parties involved.The Frisco Texas Addendum for Back Up Contract is an important document used in real estate transactions in Frisco, Texas. It is specifically designed to be incorporated into a back-up contract, which is a secondary contract that comes into effect if the primary contract falls through. This addendum is considered essential to protect the interests of both the buyer and the seller in the event that the initial contract fails to close. It outlines additional terms and conditions that will be applicable in case the first contract terminates. Key terms and clauses covered in the Frisco Texas Addendum for Back Up Contract may include: 1. Timeline: This section defines crucial dates and deadlines for both the seller and the buyer, such as the expiration date of the back-up contract, the date by which the buyer must secure financing, and the date for property inspection. 2. Financing: It specifies the type of financing the buyer intends to obtain and includes provisions for the buyer's right to terminate the contract if they cannot secure the specified financing within the agreed-upon timeframe. 3. Appraisal: This clause addresses the appraisal process and determines the course of action if the appraised value falls short of the agreed-upon purchase price, giving the buyer an opportunity to renegotiate or terminate the contract. 4. Inspection: This section outlines the buyer's right to conduct a property inspection and provides guidelines for repairs or requested concession following the inspection. 5. Seller Obligations: It stipulates the seller's responsibilities, such as disclosing any material defects or property issues, providing necessary documents, and maintaining the property's condition. 6. Buyer Obligations: This clause outlines the buyer's obligations, including timely delivery of earnest money, notification of repairs or desired modifications, and adhering to inspection periods and deadlines. 7. Termination and Transition: This section addresses termination of the back-up contract under various circumstances, such as the successful closing of the primary contract or the buyer's decision to terminate the agreement. It also details the next steps that must be followed in case of termination or transition to the primary contract. Different types or variations of the Frisco Texas Addendum for Back Up Contract may exist, catering to specific scenarios or unique terms agreed upon between the buyer and the seller. These variations may include specific provisions related to contingencies, repairs, financing conditions, or other aspects of the transaction. Overall, the Frisco Texas Addendum for Back Up Contract provides clarity, protection, and additional terms that are distinct to the circumstances of a back-up contract, ensuring a smooth and organized real estate transaction process for all parties involved.