Knowledebase Tag: Third Party Financing Addendum
- Can the lack of the lender’s underwriting approval of the property still result in the termination of the contract even though the time has already passed for the buyer to give notice to terminate the contract under the Third Party Financing Addendum?
- Is it appropriate to fill in one of the sections of the Third Party Financing Addendum with “market” in the space for the maximum interest rate permitted for the loan contingency or to leave the percentage amount blank for the maximum loan fees permitted for the loan contingency?
- My client received an offer on her home where the contract is not subject to the buyer being approved for financing. However, the buyer attached a completed Third Party Financing Addendum to the contract. What should we do with this offer?
- For a contract where the first box in Paragraph 2A of the Third Party Financing Addendum is checked, what must a buyer do to terminate the contract if she is unable to obtain credit approval?
- How does the Third Party Financing Addendum (TXR 1901, TREC 40-9) work?
