OK, all my Florida peeps -- Item 7 has me confused.
Back-up Offers (Check one - if no option is checked, then option (a) is deemed selected):
Choice a says that during the term of contract, seller agrees not to accept or enter into any back-up offers, contracts, options or agreements concerning the sale of the property.
Choice b says that during the term of contract, seller may accept or enter into bona fide "back-up" contracts or offers to purchase the property that are conditioned upon a failure of the closing of the sale contemplated by this contract.
How the heck does anyone enter into a backup contract??? You can only have one contract at a time on a property!
Which item am I supposed to choose if I want to say seller can enter into backup offers but not backup contracts??
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Coleen, you seller can enter into a backup contract, the terms of the contract need to state that it is backup offer contingent upon the first offer not closing. Not sure of the exact verbage but it can be done as long as the terms are specific that the buyer is in the back up position
Hi Jeff,
Thanks! I just spoke to our real estate attorney and he said the same thing. Appreciate you weighing in! :)
No problem :) We have multiple offer and back up offer situations regularly.