Which of the following is not a form of financing listed on the third party financing addendum quizlet?
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Save the updated document on your device, export it to the cloud, print it right from the editor, or share it with all the parties involved.Our editor is very user-friendly and effective. Try it now!be ready to get more Complete this form in 5 minutes or lessGet form Got questions?We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us. Contact us Why would a seller use seller financing?Seller Financing Advantages For Sellers Ability to save on closing costs. Can produce significant capital gains tax savings over time. Faster time to sale, and ability to sell your property as-is without the need for repairs. Released from property tax, homeowners insurance and various maintenance expenses. When used to what document should the third party financing addendum be attached?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 types of financing is not addressed in the TREC third party financing addendum quizlet?Which of the following types of financing is not addressed in the TREC Third Party Financing Addendum for Credit Approval? The answer is reverse mortgage financing. The forms specifically state that the addendum is not to be used for reverse mortgage financing. Which of the following is true regarding the loan Assumption Addendum quizlet?Which of the following is TRUE regarding the Loan Assumption Addendum? The answer is the period for the seller to terminate under the Loan Assumption Addendum is seven days. Which of the following is true under the TREC third party financing addendum?Which of the following is TRUE under the TREC Third Party Financing Addendum? The answer is time is of the essence. The answer is do nothing; it is already in the contract. 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? be ready to get more Complete this form in 5 minutes or lessGet form People also askWhat does the lienholder agree to under the TREC short sale addendum quizlet?Under the TREC Short Sale Addendum, what happens if the lienholder refuses or withdraws its consent and agreement prior to closing and funding? The answer is the contract will terminate and the earnest money will be refunded to buyer. Is seller financing allowed in Texas?Yes. However, seller financing is subject to state and federal laws. The Texas Real Estate Commission promulgates the Seller Financing Addendum (TXR 1914) for seller financed transactions. If the seller finance box in a TREC contract is checked, you must fill out and attach this addendum to the contract. How does owner finance work in Texas for land?Owner financed land is also referred to as \u201cseller financing\u201d and is an alternate option to traditional bank financing. Through owner financing, you make the payment on the land directly to the seller of the property until the land purchase is paid off. What is the purpose of the credit documentation paragraph of the seller financing addendum in Texas?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. Which of the following is not a TREC promulgated addendum quizlet?The answer is Reverse Mortgage Financing Addendum. The Reverse Mortgage Financing Addendum is not a TREC promulgated addendum; it was approved for voluntary use for a time but no longer exists. Which of the following types of financing is not addressed in the TREC third party financing addendum quizlet?Which of the following types of financing is not addressed in the TREC Third Party Financing Addendum for Credit Approval? The answer is reverse mortgage financing. The forms specifically state that the addendum is not to be used for reverse mortgage financing.
Which of the following is true under the TREC third party financing addendum?Which of the following is TRUE under the TREC Third Party Financing Addendum? The answer is time is of the essence. The answer is do nothing; it is already in the contract. 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?
What's the purpose of the non Realty items addendum in Texas quizlet?The Non-Realty Items Addendum is used for personal property that is being conveyed. It is not a mandatory form required by TREC.
Which of the following items of information is not included in paragraph 3 of the TREC one to four family residential contract?What information is NOT required to fill out paragraph 3 of the TREC One to Four Family Residential Contract? The answer is interest rate. The buyer has offered to assume seller's loan under the TREC Loan Assumption Addendum, so long as the lender does not charge more than a $1,000 loan assumption fee.
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