The effective date for purposes of depositing earnest money and paying any termination option fee is the date of final acceptance. This is the date that the last party to sign the backup contract communicates acceptance back to the other party or the other party’s agent, if applicable.
If the first contract terminates, the effective date changes to the amended effective date. This is the date the seller notifies the backup buyer that the first contract is terminated and the backup contract becomes the primary contract. All performance obligations under the contract—other than depositing earnest money and paying any termination option fee—use the amended effective date for purposes of performance.