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Video instructions and help with filling out and completing Trec third party financing addendum 2022
Instructions and Help about Trec third party financing addendum 2022
Now I'm going to be talking to you about the third-party financing addendum as a very customary form this will be a part of a lot of your transactions and frankly also this is a contentious form this form is extremely important that you not only fill it out correctly but that you understand how to use it because this can be part of a lot of lawsuits conversations so we want to be very careful with this third party financing symptoms silly as it sounds number one please make sure to put the right address at the top some of you are doing multiple contracts at the same time if it has the wrong address at the top it is very difficult to enforce it even though everyone knows and the right seller and buyer signed it and yada yada I get it but we just get into a shade of gray if the address is wrong at the top it causes a problem all right conventional financing so this is not FHA VA this is a conventional loan you need to check this box if it's conventional then we will choose either A or B most likely you're going to be choosing a and usually it's only a but sometimes there's two months a is about the first mortgage loan in the principal amount of blank so this is going to be if they're putting 20% down this will be the 80% you need to put the dollars in here this has a dollar symbol you need to put the dollars in here do in fold and you do not include PMI premium right this is the principal amount of the loan doing full length so this will typically be 30 or 15 years with interest not to exceed blank so this is one of those blanks that you can use to help protect your buyer and maybe the listing agent isn't smart enough to know the difference or if you're a listing agent you can use it to protect your seller and the buyer's agent isn't smart enough to know the difference so if I'm representing a buyer I want to put a low interest rate in this box so if they're qualifying for 4.18 which i think is the interest rate today you might point put 4.25% in that box because if the interest rate went up to point two four point four on their loan this would then be a way to get out because you're saying they this contract is subject to them getting financing of not to exceed 4.25 percent now if I'm the seller I want this to be a big amount I want you to go ahead and put 5% in there because I don't want to be hearing that contract terms changed and yada yada no no I want you to buy the home so I want is higher interest rate if I can get you to agree with.