A buyer and seller in Texas execute the TREC One to Four Family Residential Contract. The buyer plans to obtain an FHA loan. Which TREC addendum must be attached to the contract to address the financing terms?
Correct Answer
D) The Third Party Financing Addendum
The TREC Third Party Financing Addendum is used when the buyer is obtaining financing from a third-party lender, including FHA, VA, conventional, and other loan types. The addendum specifies the financing terms and conditions.
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More Promulgated Contract Forms Questions
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A Texas license holder is asked to prepare a lease-purchase agreement for a residential property. TREC has a promulgated Residential Lease form and a promulgated One to Four Family Residential Contract, but no promulgated lease-purchase form. What should the license holder do?
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- → Which of the following transactions does NOT require the use of a TREC promulgated contract form by a Texas license holder?
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Previous Question
In a TREC One to Four Family Residential Contract, the buyer has agreed to a 10-day option period ending on March 20. On March 19, the buyer's inspector finds major plumbing issues. The buyer sends a termination notice by email at 11:30 PM on March 20. Is the termination valid?
Next Question
Under the TREC One to Four Family Residential Contract, Paragraph 21 specifies the accepted methods of delivering notices between parties. Which of the following is a recognized delivery method?