TREC 40-5 2011-2025 free printable template

40-5 Third Party Financing Condition Addendum Concerning Page 2 of 2 Address of Property amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. 12-05-11 EQUAL HOUSING OPPORTUNITY PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION TREC THIRD PARTY FINANCING ADDENDUM FOR CREDIT APPROVAL TO CONTRACT CONCERNING THE PROPERTY AT Street Address and City Buyer shall apply promptly for all...

How to fill out sellers financing addendum form

How to fill out TREC 40-5

1. Obtain the TREC 40-5 form from the Texas Real Estate Commission (TREC) website or your real estate broker.
2. Fill in the date of the transaction at the top of the form.
3. Provide the names and contact information of all parties involved in the transaction.
4. Specify the property address and legal description of the property.
5. Indicate the type of transaction (sale, lease, etc.) and any relevant contract information.
6. Detail the financial terms, including sale price, earnest money, and financing options, if applicable.
7. Review and include any applicable contingencies or special conditions.
8. Ensure all parties sign and date the form.

Who needs TREC 40-5?

1. Real estate agents and brokers involved in a transaction in Texas.
2. Buyers and sellers of residential property in Texas who need to document the transaction.
3. Title companies and attorneys handling the closing of a real estate deal.

Video instructions and help with filling out and completing fillable third party financing addendum

Instructions and Help about trec 40 5

This video is to explain the third-party financing addendum I'm going to go over the whole thing explain in detail I'll tell you what's putting the blanks I'll explain it a little from the buyers perspective the sellers' perspective, and I'm going to give you a bunch of answers that will probably answer a bunch of questions that you have so real quick let's just kind of cover the function of this form and when to use it, so you would use this form anytime you're helping a buyer purchase a property, and they're going to use financing, and it's basically for the most part any kind of financing that's not owner financing or seller financing so anytime they're going to a bank or getting a lender to loan money you want to use the third-party financing addendum and the function of this addendum in general is that it ties the approval process to the contract so if the property or the buyer can't approve for financing then the client has some protection there, and they have the ability to get out of the contract and get their earnest money back so let me just kind of cover the whole thing in general, and then I'll dive in deeper, so it's got as several paragraphs here paragraph an is talking about the duties of the buyer, and then it gets into the different types of financing that the buyer can use and so you're only going to use one of these sections here most likely I don't know if you need situation where you'd use two different kinds of loans but who knows all right so then Section B goes into explaining the timeline and just what's approved or what you have to what has to qualify in order for this protection to be in place and so on thing that's really important here to notice is that there are two different kinds of approval you've got buyer approval, and you got property approval those are two separate things I'm going to go into detail about both and explain why they're both in here, and then you've got the final sections here this section D is just for government financing, and then you've got other station of release information so let's go write it back to the top and go one line at a time you're going to put the address in here all you have to put is the street address in the city and that's it paragraph an is kind of interesting most people think of this document as something that just gives protection to the buyer which it does, but the buyer also has some obligations that they have to meet in order for this protection to exist, so it's saying that the buyer shall apply promptly for financing described below and make every reasonable effort to obtain approval okay, so the buyer can't just throw this form on there and then do nothing expect for them to be able to get out of the contract it just on a whim because they want to that's that's what paragraph 23 s for moving on here let's dive into this is saying this is where you can describe the type of financing your client will get and the reason why you do this is that if your client...

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What is TREC 40-5?

TREC 40-5 is a form used by the Texas Real Estate Commission for the reporting of certain information related to real estate transactions.

Who is required to file TREC 40-5?

Real estate professionals and agents in Texas who are involved in certain transactions are required to file TREC 40-5.

How to fill out TREC 40-5?

To fill out TREC 40-5, individuals should provide all required information as indicated on the form, ensuring accuracy and completeness.

What is the purpose of TREC 40-5?

The purpose of TREC 40-5 is to collect data for regulatory oversight and to maintain records of real estate transactions in Texas.

What information must be reported on TREC 40-5?

Information that must be reported on TREC 40-5 includes details about the transaction, parties involved, dates, and financial disclosures pertinent to the transaction.