Contracts
In Maine, a 'backup offer' is accepted 'subject to' the first contract. If the first contract falls through, the backup offer:
AMust be renegotiated from scratch
BAutomatically becomes the primary contract, typically with a specified notification period✓ Correct
CExpires automatically
DMust be re-submitted as a new offer
Explanation
When a seller accepts a backup offer, it typically becomes the primary contract automatically upon notification to the backup buyer if the first contract is cancelled, subject to any terms specified in the backup offer.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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