Get Md Baltimore County Settlement Expense Loan Program Contract Addendum 2021-2025

Filling out the MD Baltimore County Settlement Expense Loan Program Contract Addendum is an essential step for buyers and sellers involved in a property transaction. This guide will provide you with clear instructions to complete the form accurately and efficiently online.

Follow the steps to fill out the contract addendum correctly.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Enter the date the addendum is being filled out in the first blank space provided. This should reflect the current date when signing the document.
3. In the next section, fill in the date of the original Contract of Sale, which should match the date signed by both the Buyer(s) and Seller(s).
4. In the blanks provided, enter the names of the Buyer(s) and Seller(s) as listed in the original contract.
5. Specify the property address where indicated, ensuring accuracy since it pertains to the sale agreement.
6. Review the terms regarding the mortgage approval. Ensure the Buyer understands that the contract is contingent upon receiving approval for a loan from the Baltimore County Settlement Expense Loan Program. This amount should not exceed $10,000.
7. Confirm that the Buyer and Seller agree that the property must meet Federal Housing Quality Standards. Make sure all utilities will be on during the inspection and the Seller is aware of their obligations.
8. If any deficiencies are found during the home inspection, acknowledge that these must be resolved to obtain final loan approval. Ensure both parties understand they will be informed of any issues found.
9. Discuss and enter the cost that the Seller agrees to pay for necessary repairs if deficiencies are found. Ensure both parties are clear on the agreement and limitations of escrow funds for repairs.
10. Confirm that all repairs must be verified before the settlement, with timing accounted for appropriately, which is seven days prior to the settlement date.
11. If certifications are obtained from licensed contractors, ensure that they include warranties that protect the Buyer against defects. Enter this information accurately.
12. Lastly, all parties must sign and date the document in the spaces provided. Ensure that each signature corresponds to the name filled in earlier.
13. Once you have completed the document, save your changes, and you will have the option to download, print, or share the form as needed.

Complete your MD Baltimore County Settlement Expense Loan Program Contract Addendum online today!