A backup buyer's contract is executed on September 28 with a four-day option period. on October 4, the seller informed the backup buyer that the first contract was terminated. the backup buyer's option period ends on October 8, 5 PM
Generally, A backup offer is made in the process of purchasing a house to acknowledge an existing offer. This offer assures a contract with the seller in the event that the first offer is not accepted.
It is a legally binding contract, and if the seller chooses to accept it, it will place you in second place behind the original bidder in the event that they decide not to purchase the house.
On September 28, a backup buyer's contract is completed, and there is a four-day option period included in it.
On October 4, the seller conveyed the news to the backup bidder that the first contract had been voided. The time for the backup buyer's option expires on October 8 at 5:00 PM.
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