SCR 504 links two transactions together — the buyer’s home sale AND the purchase of the new home.
To complete it correctly, agents must understand what triggers what, which form goes where, and what deadline means what.

Here’s the easy way to explain this form:

SCR 504 begins by asking:

What is the address of the buyer’s property?

Is the buyer already under contract?

If yes — attach a redacted contract (or say “is not attached”).

If the buyer is under contract during the transaction, they must deliver SCR 500 within 48 hours.

SCR 500 = “Buyer has accepted an offer on their home.” 

This is the first major deadline.
If the buyer’s home is NOT under contract by this date:

➡️ Either party may terminate using SCR 313.

This is the MOST IMPORTANT DATE in the entire form.

It says:
“Buyer must CLOSE on their house by ____ date.”

If the buyer doesn’t close by this date:

➡️ Buyer may terminate
➡️ Seller may terminate
➡️ Both must use SCR 313

👉 Simple Rule:
The contract depends on the buyer actually closing — not just being under contract.

SCR 504 covers this too.

If the buyer gets under contract then loses that contract, and they are still inside the deadlines:

➡️ Either party may terminate using SCR 313
OR
➡️ Buyer can re-contract and continue if still before deadlines

👉 Simple Rule:
If the buyer’s first sale falls through, both sides get options — but deadlines still control everything.

Seller can keep marketing the property and accept a backup offer (SCR 545).

If the seller accepts a backup, the buyer must choose ONE of four options using SCR 505, including:

Show proof their house is under contract (SCR 500)

Remove the contingency

Become the backup contract

Terminate (SCR 313)

👉 Simple Rule:
When a backup is accepted, the buyer MUST choose one of the four options using SCR 505.

Buyer must:
✔️ Actually try to sell their home
✔️ Provide updates
✔️ Direct their attorneys/brokers to share info

If buyer fails to do this, seller can pursue remedies (including termination).

👉 Simple Rule:
Buyer must act in good faith — no dragging their feet.

Any time the buyer misses ANY deadline in SCR 504:

➡️ Either party may terminate using SCR 313

SCR 504 Tells You:

“Under contract” date

“Closing” date

“Backup trigger” options

“Contract collapse” options

“Buyer duties”

“Termination rights”

📌 SUPER SIMPLE SUMMARY FOR YOU:
 

Deadline 1: Buyer must get their house under contract

Deadline 2: Buyer must close on that house

Miss either one → SCR 313 termination rights.
 

Buyer gets their house under contract?
➡️ Send SCR 500 within 48 hours.
 

If seller takes a backup offer, buyer must pick an option.
 

Used at almost EVERY failure point.

I hope that really breaks it down and makes this MUCH easier to understand. You’ve got this — and now you can guide your clients with total confidence. 💪✨