Financing Addendum With Credit Approval
Description
How to fill out UCC1-AD Financing Statement Addendum?
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FAQ
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.
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 contract will terminate and the buyer will get the earnest money.
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.
Which of the following is NOT a form of financing listed on the Third Party Financing Addendum? The answer is seller financing.
Description: This Addendum is used when any type of financing for all or part of the purchase price will be provided by a third-party (not the Seller or Buyer).