Now I'm going to be talking to you about the third-party financing addendum. This is a very customary form that will be a part of a lot of your transactions. However, it is also a contentious form. It is extremely important that you not only fill it out correctly, but that you understand how to use it. This form can be part of a lot of lawsuits and conversations, so we want to be very careful with it. Firstly, please make sure to put the right address at the top. Some of you may be doing multiple contracts at the same time. If it has the wrong address at the top, it is very difficult to enforce. Even though everyone knows the right seller and buyer signed it, if the address is wrong, it causes a problem. Next, let's talk about conventional financing. This refers to a conventional loan, not FHA or VA. You need to check if it's conventional, and then we will choose either option A or B. Most likely, you're going to be choosing option A, but sometimes there may be two options. Option A is about the first mortgage loan in the principal amount of [blank]. This will be the 80% if they're putting 20% down. You need to put the dollar amount in the blank and remember not to include PMI premium. Moving on, the loan length will typically be 30 or 15 years with interest not to exceed [blank]. This is a blank that can be used to help protect your buyer. You can put a low interest rate in this if you're representing a buyer, so that if the interest rate goes up beyond that, they can get out of the contract. On the other hand, if you're the seller, you may want a higher interest...
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Trec third party financing addendum 2024 Form: What You Should Know
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