WebBackup Offers. On and after the Agreement Date but only until the expiration of the Due Diligence Period if Buyer has not elected to not proceed with its purchase of the Purchase Property pursuant to Section 3.3 or 7.2, Seller shall have the right to market the Purchase Property and negotiate with third parties concerning the sale of the Purchase Property. … Web12 dec. 2024 · The answer is no. The sellers keep the option fee even when the first contract doesn’t fall through. By paying the option fee with a backup contract, the buyers pay for the right to terminate the contract even during the backup period.

From the Legal Hotline: What Happens to the Option Fee for …

WebA Back-Up Contract is a binding contract and as such both option and earnest money must be paid (and delivered) per the terms of the contract. It is mistakenly believed that … Web26 mrt. 2013 · Like a primary purchase agreement contract, a backup offer is legally binding once it’s signed by both parties. Make sure you are fully ready to pay the … cell wall definition biology kids

What is a backup offer in real estate? The Real Estate …

Web17 mrt. 2024 · A backup offer contract is not a binding contract until the first offer is terminated. You need to include a backup addendum and a termination clause in your … WebBackup Offers. On and after the Agreement Date but only until the expiration of the Due Diligence Period if Buyer has not elected to not proceed with its purchase of the … WebIf the buyer decides not to purchase a property within 10 days, they are not guaranteed to receive that binder back. This due diligence period of 10 days is meant to protect the … buy fj cruiser bunbury