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.
San Angelo Texas Addendum for Back Up Contract is a legal document used when entering into a back-up contract in the real estate industry in San Angelo, Texas. It serves as an additional agreement to the original contract, specifically addressing the conditions and provisions related to the back-up status. The San Angelo Texas Addendum for Back Up Contract outlines the specific terms and conditions that apply when a back-up contract is in place. It ensures clarity for all parties involved, including the buyer, seller, and any potential back-up buyers. This addendum typically includes relevant details such as the identification of the original contract, the date of execution, and the parties involved. It also specifies the process and requirements for activating the back-up contract if the primary contract falls through. Moreover, the San Angelo Texas Addendum for Back Up Contract may state the agreed-upon timeline for the back-up buyer to exercise their right to proceed with the purchase in case of default or termination of the primary contract. Different types of San Angelo Texas Addendum for Back Up Contract may include: 1. Time-limited Back-Up Addendum: This type of addendum specifies a certain timeframe within which the back-up buyer must decide whether they want to proceed with the purchase or terminate their interest. 2. Seller's Disclosure Addendum: This addendum can be included in the San Angelo Texas Back Up Contract to oblige the seller to provide any required disclosures, similar to what would be required in the primary contract. 3. Financing Contingency Addendum: This addendum outlines the back-up buyer's financing conditions and contingencies, including obtaining a mortgage loan, appraisals, or home inspections, just like in the primary contract. 4. Inspection Contingency Addendum: This type of addendum states that the back-up buyer has the right to conduct a home inspection before finalizing the purchase, similar to the primary contract. It's important to consult a legal professional or real estate agent familiar with San Angelo, Texas, to ensure the San Angelo Texas Addendum for Back Up Contract accurately reflects the specific requirements and regulations of the area.San Angelo Texas Addendum for Back Up Contract is a legal document used when entering into a back-up contract in the real estate industry in San Angelo, Texas. It serves as an additional agreement to the original contract, specifically addressing the conditions and provisions related to the back-up status. The San Angelo Texas Addendum for Back Up Contract outlines the specific terms and conditions that apply when a back-up contract is in place. It ensures clarity for all parties involved, including the buyer, seller, and any potential back-up buyers. This addendum typically includes relevant details such as the identification of the original contract, the date of execution, and the parties involved. It also specifies the process and requirements for activating the back-up contract if the primary contract falls through. Moreover, the San Angelo Texas Addendum for Back Up Contract may state the agreed-upon timeline for the back-up buyer to exercise their right to proceed with the purchase in case of default or termination of the primary contract. Different types of San Angelo Texas Addendum for Back Up Contract may include: 1. Time-limited Back-Up Addendum: This type of addendum specifies a certain timeframe within which the back-up buyer must decide whether they want to proceed with the purchase or terminate their interest. 2. Seller's Disclosure Addendum: This addendum can be included in the San Angelo Texas Back Up Contract to oblige the seller to provide any required disclosures, similar to what would be required in the primary contract. 3. Financing Contingency Addendum: This addendum outlines the back-up buyer's financing conditions and contingencies, including obtaining a mortgage loan, appraisals, or home inspections, just like in the primary contract. 4. Inspection Contingency Addendum: This type of addendum states that the back-up buyer has the right to conduct a home inspection before finalizing the purchase, similar to the primary contract. It's important to consult a legal professional or real estate agent familiar with San Angelo, Texas, to ensure the San Angelo Texas Addendum for Back Up Contract accurately reflects the specific requirements and regulations of the area.