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  • Thid Party Financing Condition Adendum Form 12 10 07

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12-10-07 EQUAL HOUSING OPPORTUNITY PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC) THIRD PARTY FINANCING CONDITION ADDENDUM TO CONTRACT CONCERNING THE PROPERTY AT (Street Address and City).

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When a buyer assumes the seller's existing loan, what happens if the buyer defaults on mortgage payments after the transaction is completed? Unless the lender approved a release of liability for the seller, the seller remains liable for the loan.

What is the purpose of the Credit Documentation paragraph of the Seller Financing Addendum? This paragraph is the buyer's agreement to deliver documents that show creditworthiness within a certain time period.

The Third Party Financing Addendum is designed to limit the maximum amount of interest and loan fees that a buyer would be obligated to pay as part of his loan contingency.

A third (3rd) party financing addendum is attached to a sales contract that outlines the terms of a loan (e.g., conventional, FHA, VA) that is agreeable to the buyer in order to close on the property. The sales contract is usually contingent upon the buyer receiving the loan as detailed in the addendum.

A seller financing addendum outlines the terms under which the seller of a property agrees to loan money to the buyer in order to purchase their property.

If the buyer doesn't qualify for the loan or fails to secure financing in time, they can terminate the contract. With a mortgage contingency clause, either party can back out of the home sale agreement during the contingency period with no penalties.

What happens if buyer's credit is not approved under the TREC Third Party Financing Addendum, and the buyer gives timely notice to the seller? The answer is the contract will terminate and the buyer will get the earnest money.

What Is Third-Party Financing? Third-party financing is essentially a payment plan or loan agreement made between a contracted lending partner and a consumer. These can come in the form of low-to-no-interest Buy Now, Pay Later (BNPL) programs or even direct consumer loans.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232