It would only be a backup contract. You will want to make sure you perform to the contract you have signed and look it over carefully. Hopefully you used a Realtor to represent you so they can be a second set of eyes. It's important to know and understand all parts of the contract so when things happen you know, understand and can react appropriately. Not knowing or understanding is not an excuse and can cost you your deposit or more. So take the time to know your contract and make sure that you are performing as required to avoid any issues during the purchase process.
Best of luck to you.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
email@example.com | http://www.AustinListed.com
Seller's can enter into back-up contracts which only take effect in the event you default on your contract. Keep in mind that without actually seeing your contract it is impossible to tell you exactly what would result in a default on your part. However if you are scheduled to close on March 1st and the house is done and ready to be turned over by the builder, if your financing is not ready you could be in default and the builder may not have any obligation to you to extend your time to close. Again this is just an example. The best thing is to talk to your agent (if you have one) or to discuss it with a real estate attorney.
as long as your contract is valid, the builder cannot have multiple deals on the same property active simultaneously. they CAN have BACK UP offers, but those dont have the chance to become official, unless your deal/contract cannot complete as agreed upon by either party.