Strengthen the primary contract
- Deliver the stated additional deposit to the Escrow Agent on time.
- Waive the financing contingency.
- Waive the sale-of-Buyer’s-property contingency.
- Proceed toward the existing Closing Date.
Addendum X lets the seller continue marketing and accept a bona fide back-up contract. After receiving the required redacted copy, the primary buyer has three days to strengthen the deal or allow it to terminate.
The seller may keep showing the property and solicit or enter a bona fide back-up purchase contract. When that happens, the seller can trigger the primary buyer’s short response window by delivering the required copy.
The primary buyer must then decide whether to make the rider’s stated additional deposit and waive two named contingencies—or let the contract end automatically.
Once the buyer receives the qualifying back-up contract copy, the response must be completed within the rider’s three-day period.
The primary contract automatically terminates under the rider.
The seller may continue showing the property and seeking other purchase contracts.
The trigger is an actual qualifying back-up purchase contract, not an expression of interest.
The seller gives the primary buyer a copy while protecting specified confidential terms.
The buyer’s clock runs from receipt of that back-up contract copy.
Timely delivery of the additional deposit preserves the deal and activates the stated waivers.
Failure to deliver the additional deposit on time automatically terminates the primary contract.
The rider permits the identities of the third parties and the back-up purchase price to be obliterated from the copy delivered to the primary buyer.
That structure gives the primary buyer evidence of the triggering contract while protecting the specified confidential information. The copy, redactions, method of delivery and proof of receipt should all be preserved.
Third-party identities and purchase price may be redacted.
The rider contains a blank for the additional Deposit amount. The signed figure—not a later assumption—controls.
A promised transfer, initiated wire or sent check may not equal timely delivery. Confirm receipt under the contract and escrow instructions.
If the transaction proceeds, the additional deposit is credited to the buyer at Closing under the rider.
By timely making the additional deposit, the buyer waives the contingencies for financing and sale of Buyer’s property. The parties then remain obligated to close on the existing Closing Date.
This can create substantial risk: the buyer may still need a loan or sale proceeds in practical terms even though those contractual exit rights have been waived.
Both can involve a back-up transaction, but they govern different positions and different clocks.
The second buyer waits for the existing primary contract to terminate and for written activation notice. Its special timing governs when the back-up moves into first position.
The primary buyer faces a three-day choice after receipt of a bona fide back-up contract: make the additional deposit and waive the named contingencies, or allow automatic termination.
Seller enters a bona fide back-up purchase contract.
The primary buyer’s three-day response period begins.
Timely performance keeps the primary contract alive and waives the named contingencies.
No timely additional deposit means refund, release and termination under the rider.
Receipt by the primary buyer of the seller’s copy of a bona fide back-up purchase contract activates the rider’s response period.
Yes. Addendum X permits continued showing and solicitation or entry of bona fide back-up purchase contracts.
The identities of the third parties and the back-up contract’s purchase price may be obliterated under the rider.
The buyer must timely deliver the stated additional deposit to the Escrow Agent. Doing so waives the financing and sale-of-Buyer’s-property contingencies.
No automatic extension is supplied by the rider. The parties remain obligated to close on the existing Closing Date.
The primary contract automatically terminates, the existing Deposit is refunded and the parties are released from further obligations under the rider.
Do not assume it is. Because the rider requires the deposit to be made to the Escrow Agent within the period, obtain confirmation of timely receipt and follow the signed contract and escrow instructions.
No. Addendum W structures the back-up buyer’s second position. Addendum X creates pressure on the primary buyer after a qualifying back-up contract is received.
DW&Co. can help coordinate delivery, escrow confirmation, contract timelines and communication with the appropriate Florida legal, lending and title professionals.
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