Addendum For Back-Up Contract {11-8}

TREC No. 11-8 - ADDENDUM FOR "BACK-UP" CONTRACT. This form promulgated by the Texas Real Estate Commission, is used when a buyer wishes to enter into a secondary, or “back-up,” real estate contract on a property that is already under a primary contract (referred to as the “First Contract”). This form ensures that the back-up contract becomes effective and enforceable only if the First Contract is terminated. It outlines the buyer’s obligations regarding the payment of earnest money and an Option Fee upon execution of the contract, as well as any additional amounts due after the back-up contract becomes active (called the Amended Effective Date). The addendum details deadlines, procedures for delivery of funds, and the consequences of failing to meet those deadlines. It also specifies that the buyer does not have to perform under the contract until the First Contract is terminated and that the seller must notify the buyer when such termination occurs. If the First Contract is not terminated by a specified date, the back-up contract automatically terminates and the buyer’s earnest money is refunded. www.FormsWorkflow.com