WARNING:
ACCEPTING BACK UP OFFERS:
Do not accept a back up offer without adding verbiage “as a counter offer” informing the backup offer of the “Primary in Effect” buyers rights. Here are 2 examples,
“This offer is considered a “Back Up” offer. Its validity is contingent upon the currently effective purchase agreement dated 1/1/11 being fully released.”
Example 2.
“This Agreement is contingent upon the Seller being released from their existing contract for the sale dated 1/1/11. If the Seller is not released from their existing contract within 60 days of the execution of this Agreement, the Buyer or Seller may terminate this Agreement, or both parties may mutually agree to extend in writing.”