Contracts
A Utah purchase contract that includes a seller's right to accept backup offers 'subject to' the primary contract means:
AThe seller can sell to anyone at any time
BThe seller may accept backup offers but cannot close with the backup buyer unless the primary contract is terminated✓ Correct
CThe buyer has already waived all contingencies
DThe seller can force the buyer to close early
Explanation
Accepting a backup offer means the seller has a contractual commitment in queue if the primary deal falls through. The backup offer cannot become effective until the primary contract is properly terminated.
Related Utah Contracts Questions
- In Utah, the Real Estate Purchase Contract (REPC) is the standard form used for residential transactions. The REPC is promulgated by:
- A counteroffer in Utah real estate effectively:
- An addendum to a Utah purchase contract is:
- When a seller counters a buyer's offer, the original offer is:
- A seller receives two offers simultaneously. The seller wants to let both buyers know there are multiple offers. The seller's agent should:
- The integration clause (merger clause) in a Utah purchase contract states:
- In Utah, an offer must be in writing and signed to be enforceable because:
- The Utah REPC Seller Financing Addendum is used when:
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