A Texas buyer wants to obtain a conventional loan to purchase a home. Which TREC addendum must be attached to the contract to specify the financing terms?
Correct Answer
D) The Third Party Financing Addendum
The TREC Third Party Financing Addendum is required when the buyer is obtaining financing from a third-party lender such as a bank, credit union, or mortgage company. This addendum specifies the loan type, amount, interest rate, and other financing terms.
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Related Topics & Key Terms
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Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
More Promulgated Contract Forms Questions
In Texas, title insurance rates are:
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