Financing Addendum With Disclosure California
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.
The addendum will describe the type of financing and repayment schedule the buyer needs to obtain to close the sale. If the buyer cannot get the required financing on time, they will need to request a closing extension or back out of the agreement.
Both parties will sign a promissory note that includes the terms of the mortgage. The seller keeps the existing mortgage on the home and either transfers the title to the buyer right away or once the loan is repaid. The buyer sends the seller their monthly payment, and the seller then pays the original lender.
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.
The Addendum serves as a disclosure document, and provides details regarding the interest rate, payment schedule, and maturity date. The Escrow Holder will prepare standardized forms of Note and Deed of Trust if the terms are simple.