Section 1:
SCR505 is sent from the Seller side to the SCR504 Buyer when a subsequent buyer exists and Seller desires to put Buyer "on the clock" per the SCR504 timetable for a subsequent buyer who is not asking for a sale of buyer’s property contingency (e.g. SCR504).
https://screaltors.org/wp-content/uploads/Forms/505.pdf
Once Buyer side receives a SCR505 from the Seller side, the Buyer is "on the clock" per SCR504 and should timely/properly choose between:
(1) Buyer asserts primary contract position over the subsequent buyer by:
(a) showing contract set to timely/properly close
or
(b) showing cash on hand to close
or
(c) removing SCR504 contingency while being able to get the purchase money loan.
or
(2) Buyer agrees to go into backup position to this subsequent buyer.
or
(3) Buyer terminates.
If Buyer snoozes through the SCR504 deadlines, then Seller may terminate and sell to the subsequent buyer.
Posted by : Byron King on 5/8/18 (This information is only accurate as of 5/8/18. You must contact SCR for updates and changes to this information after 5/8/18 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)