Contracts
The TREC Back-Up Contract Addendum is used when a buyer wants to:
ASubmit a lower backup offer in case the primary offer is not accepted
BPurchase a property that is already under contract, contingent on the first contract terminating✓ Correct
CMake a backup offer on a FSBO property
DSubmit multiple offers simultaneously on multiple properties
Explanation
The TREC Addendum for Back-Up Contract allows a buyer to enter into a binding backup contract on a property already under contract. If the first contract terminates, the backup contract automatically becomes the primary contract.
Related Texas Contracts Questions
- The TREC contract requires that notice of termination during the option period be delivered to the seller by:
- The TREC contract's 'prorations' paragraph specifies how ongoing costs are allocated between buyer and seller. If taxes are prorated to the date of closing and closing occurs October 31, the seller is responsible for how many months of taxes?
- The TREC contract requires the buyer to deliver the earnest money to the escrow agent within a specified number of days. If the buyer fails to deliver earnest money on time:
- Under the Texas TREC residential contract, the closing date can be extended by mutual agreement. If only the buyer requests an extension:
- Under the Texas One to Four Family contract, the default for who pays the escrow fee is:
- In Texas, an 'addendum' to a real estate contract is:
- A Texas real estate purchase contract is considered 'executed' when:
- The Texas TREC 'Addendum for Property Subject to Mandatory Membership in a Property Owners Association' is required when:
Practice More Texas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Texas Quiz →