TREC 40-5 2011-2024 free printable template
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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...
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How to fill out financing addendum trec form
How to fill out financing addendum TREC (Texas Real Estate Commission):
01
Begin by obtaining the financing addendum TREC form from the Texas Real Estate Commission or a reliable source.
02
Fill in the required information such as the date, the names of the buyer(s) and seller(s), and the address of the subject property.
03
Specify the type of financing being obtained (e.g., conventional, FHA, VA, etc.) and any additional terms or conditions related to the financing.
04
Indicate the amount of earnest money that the buyer is willing to deposit and the proposed source of the funds.
05
Include any additional conditions or contingency clauses related to the financing, such as loan approval deadlines or the buyer's right to terminate the contract if financing is not obtained.
06
Provide any supporting documentation or attachments required by the financing addendum, such as pre-approval letters or loan commitment letters.
07
Once all necessary information has been filled in, review the financing addendum TREC form for accuracy and completeness.
08
Make copies of the filled-out form for all parties involved, including the buyer, seller, and real estate agents or brokers.
09
Sign and date the financing addendum TREC form, ensuring that all required signatures are obtained.
10
Finally, submit the completed financing addendum TREC form to the appropriate parties, such as the title company or the buyer's agent.
Who needs financing addendum TREC:
01
Buyers who are obtaining financing to purchase a property in Texas.
02
Sellers who are willing to negotiate and accept financing terms in the sale of their property.
03
Real estate agents or brokers who are assisting with a transaction involving financing.
Note: The financing addendum TREC is specific to real estate transactions in Texas, so it may not be applicable in other states or jurisdictions. It is always recommended to consult with a real estate professional or attorney for specific advice and guidance regarding the use of this form.
Video instructions and help with filling out and completing financing addendum trec
Instructions and Help about trec 5 form
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 financing addendum trec?
The Financing Addendum TREC refers to the Financing Addendum form created by the Texas Real Estate Commission (TREC). TREC is a state agency that regulates real estate license holders and provides various forms and documents for use in real estate transactions in the state of Texas.
The Financing Addendum TREC is an additional document that can be attached to a residential purchase contract, typically used when the buyer requires financing to purchase the property. This addendum provides specific details related to the financing terms, such as the type of loan, interest rate, loan amount, down payment, and the deadline for obtaining loan approval.
The Financing Addendum TREC helps to ensure that both the buyer and seller are aware of the financing conditions and requirements involved in the transaction. By using this addendum, buyers can protect their interests and sellers can have a clear understanding of the buyer's ability to secure financing for the purchase.
Who is required to file financing addendum trec?
In Texas, the financing addendum is typically completed and filed by the buyer or their real estate agent when purchasing a property using financing. However, it is advisable to consult with a licensed real estate professional or an attorney for specific guidance regarding the filing requirements in your situation.
How to fill out financing addendum trec?
To fill out a financing addendum TREC (Texas Real Estate Commission), follow these steps:
1. Section I: Property Information
- Enter the property's address and legal description.
- Provide the TREC contract number, if applicable.
2. Section II: Financing
- Specify the type of financing you plan to secure for the property (e.g., conventional, FHA, VA).
- State the loan amount, interest rate, and the loan term (e.g., 30 years).
- Indicate the type of loan (e.g., fixed rate, adjustable rate).
- If applicable, mention any requirements for seller financing or assumption of the existing loan.
3. Section III: Special Financing Terms
- Include any special terms or conditions related to the financing.
- For example, if you're requesting a specific number of days to obtain loan approval or need the seller to contribute towards closing costs, outline those details here.
- Specify the maximum interest rate you are willing to accept, if applicable.
4. Section IV: Seller's Access to Financing Information
- Indicate whether the seller has the right to access your loan's financing information.
- If you allow access, specify if it can only be done with your approval or if it's available at any time.
- If you do not grant access, state that the seller does not have the right to obtain information regarding your loan.
5. Section V: Earnest Money
- If there are any changes to the earnest money amount or delivery schedule due to financing, mention it here.
- Outline any alternative arrangements for the return of earnest money if financing doesn't close successfully.
6. Section VI: Other Provisions
- Add any other specific provisions or conditions related to financing that you want to include.
7. Signatures
- Provide spaces for both the buyer and seller to sign and date the addendum.
- Ensure all relevant parties sign the document and retain copies for your records.
Remember to consult with a real estate attorney or agent familiar with Texas real estate law if you have any specific questions or concerns about filling out the financing addendum TREC.
What is the purpose of financing addendum trec?
The financing addendum for the Texas Real Estate Commission (TREC) is a document added to a real estate contract to outline the specific terms and conditions related to the financing for the purchase of the property. The purpose of this addendum is to clearly define the financing arrangements agreed upon by the buyer and seller, including details about the loan, interest rate, closing costs, and any other financing-related contingencies.
By including a financing addendum, both parties can ensure that the terms of the loan and associated costs are fully understood and agreed upon before proceeding with the transaction. It provides protection and clarity for both the buyer and seller, helping to minimize any potential disputes or misunderstandings related to the financing aspect of the real estate transaction.
What information must be reported on financing addendum trec?
The Financing Addendum produced by the Texas Real Estate Commission (TREC) requires the reporting of certain information related to the financing of a real estate transaction. The information that must be reported on the Financing Addendum TREC includes:
1. Financing Terms: The specific terms of the financing, such as the loan amount, interest rate, loan term, and any prepayment penalties.
2. Financing Contingency: Whether the purchase of the property is contingent upon the buyer obtaining financing. If so, the Financing Addendum should include details of the financing contingency period and the deadline for the buyer to provide a notice of termination if they are unable to obtain financing.
3. Loan Type: The type of loan being obtained, such as conventional, FHA, VA, or other types of financing.
4. Lender Information: The name and contact information of the lender or mortgage broker involved in the financing, including their address, phone number, and email.
5. Down Payment: The amount of the down payment being made by the buyer and how it will be paid (e.g., cash, loan, or other sources).
6. Loan Application Deadline: The deadline by which the buyer must submit a loan application to the lender.
7. Buyer's Loan Costs: Any costs related to the buyer's loan that will be paid by the seller, such as loan origination fees, discount points, or other closing costs.
8. Seller Financing: If the seller is providing financing through a seller carry-back note, the terms of the seller financing arrangement should be included in the Financing Addendum.
9. Additional Financing Terms: Any additional terms or conditions related to the financing that the parties wish to include.
It is important to note that the specific requirements and details may vary based on individual transactions and the instructions provided by TREC. It is recommended to consult with a real estate professional or attorney for guidance and to ensure that all necessary information is accurately reported on the Financing Addendum TREC form.
What is the penalty for the late filing of financing addendum trec?
The Texas Real Estate Commission (TREC) does not specify a specific penalty for the late filing of a financing addendum. However, it is important to note that failure to submit required documentation on time can lead to delays in the transaction and potential consequences such as loss of earnest money or breach of contract. It is recommended to consult with a real estate attorney or TREC directly for specific guidance on this matter.
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