Well hello everybody. Frank Gray with Abbi Realty back with our latest installment of contract mastery. Today, we're gonna talk about what is commonly known as the backup contract, or more technically, the addendum for backup contract. This is a document that is seldom used by many agents, and yet when it is used, you absolutely must understand its provisions. Otherwise, you create tremendous liability for yourself, your buyers, and sellers. It's a very simple document, and we're gonna run through it fairly quickly, so fasten your seat belts, here we go. The document, as I mentioned, is only one page. And if you don't have a hard copy in front of you, that's okay. I'm gonna do some cut and paste onto the screen so that you'll be able to follow along if you're just watching this video. Couple introductory comments. First of all, the backup addendum is used when an executed sale contract is already in place, but there's a new buyer that has come along and wants to have a guaranteed right to purchase the home if the first contract terminates. The process is exactly as it is on the first contract. The new buyer and the seller sign all the standard contract documents, including all the disclosures and addendums, plus the backup addendum. This contract, the new backup, is binding on the seller and the buyer, and I want to emphasize that because that's the point at which many listing agents and buyers' agents get in trouble. Thinking that the backup contract can be implemented if all parties agree once the first contract terminates. But that's not what this says. This contract is binding, enforceable, and it automatically goes into force when the first contract terminates. So if you're representing a buyer, don't think you can have them...
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