Back Up Agreement

Scenario 1: If the property is under contract with an escape clause (an escape clause is often included when the first contract depends on the sale of real estate), a safeguard contract may strive to fulfill its conditions as quickly as possible. Your customer`s decision to stay in a backup position determines how to fill the last gap in the form. Some backup buyers might want their contract to be terminated in a few days if the first contract does not end prematurely, while others wish to retain their contractual safeguard rights until the last possible date on which the current contract could be concluded. If your customer wants their backup contract to apply beyond or beyond the closing date of the current contract, you can also ask the list agent to indicate the closing date of the current contract. .

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