Get Trec Loan Assumption Addendum

The Trec Loan Assumption Addendum is an essential document used in real estate transactions. This guide provides a detailed, step-by-step approach to filling out the form online, ensuring you understand each section and its requirements.

Follow the steps to complete the Trec Loan Assumption Addendum.

1. Press the ‘Get Form’ button to access the Trec Loan Assumption Addendum and open the document in your online tool.
2. In Section A, provide the required credit documentation by specifying the number of days the buyer has to deliver their credit report and employment verification to the seller. Ensure all required documents are ready for submission.
3. In Section B, acknowledge the terms of credit approval. If documentation is not delivered in time, note the consequences regarding contract termination and earnest money.
4. Fill out Section C regarding loan assumption details. Indicate the unpaid principal balance and total monthly payment for any existing first and second lien promissory notes. Adjust any figures based on potential closing variances.
5. Complete Section D by filling in any potential fees, interest rates, or modifications that would allow the buyer to terminate the contract. Make sure to clearly specify any amounts involved.
6. Address Section E concerning the consent by noteholder. Detail the steps to follow if consent is not granted and how it affects contract termination.
7. In Section F, acknowledge the seller's liens. Ensure that any required initialing for identification by both buyer and seller is completed to denote agreement.
8. Conclude with Section G about tax and insurance escrow accounts. Provide information on the transfer of escrow accounts and any reimbursement terms applicable.
9. Review the entire document for accuracy, ensuring all fields are properly filled out. Once satisfied, save changes, download, print, or share the form as necessary.

Complete your Trec Loan Assumption Addendum online today for a seamless real estate transaction.