When using the TREC Third Party Financing Addendum, the buyer specifies the type of loan. Which of the following is a common loan type that can be specified?
Correct Answer
C) Conventional, FHA, VA, or USDA loan
The TREC Third Party Financing Addendum allows the buyer to specify various loan types including conventional, FHA, VA, USDA, and other third-party financing options.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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