Addendum For Back-Up Contract Form. This is a Texas form and can be use in Texas Real Estate Commission Statewide.
Tags: Addendum For Back-Up Contract, 11-6, Texas Statewide, Texas Real Estate Commission
PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC) EQUAL HOUSING OPPORTUNITY 04-23-07 ADDENDUM FOR "BACK-UP" CONTRACT TO CONTRACT CONCERNING THE PROPERTY AT (Address of Property) A. The contract to which this Addendum is attached (the Back-Up Contract) 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 Back-Up Contract is contingent upon the termination of a previous contract (the First Contract) dated , 20 , for the sale of Property. Except as provided by this Addendum, neither party is required to perform under the Back-Up Contract while it is contingent upon the termination of the First Contract. B. If the First Contract does not terminate on or before , 20 , the Back-Up Contract terminates and the earnest money will be refunded to Buyer. Seller must notify Buyer immediately of the termination of the First Contract. For purposes of performance, the effective date of the Back-Up Contract changes to the date Buyer receives notice of termination of the First Contract (Amended Effective Date). C. An amendment or modification of the First Contract will not terminate the First Contract. D. If Buyer has the unrestricted right to terminate the Back-Up Contract, the time for giving notice of termination begins on the effective date of the Back-Up Contract, continues after the Amended Effective Date and ends upon the expiration of Buyer's unrestricted right to terminate the BackUp Contract. E. For purposes of this Addendum, time is of the essence. performance stated herein is required. Buyer Seller Buyer Strict compliance with the times for Seller This form has been approved by the Texas Real Estate Commission for use with similarly approved or promulgated contract forms. Such approval relates to this form only. TREC forms are intended for use only by trained real estate licensees. No representation is made as to the legal validity or adequacy of any provision in any specific transactions. It is not suitable for complex transactions. Texas Real Estate Commission, P.O. Box 12188, Austin, TX 78711-2188, 1-800-250-8732 or (512) 459-6544 (http://www.trec.state.tx.us) TREC No. 11-6. This form replaces TREC No. 11-5. TREC No. 11-6