When financing your home purchase, the buyer must provide important information to the home seller. The funding fund includes boxes and options so that both parties know what is clear and binding. With the Madrona group with John L. Scott, we take this very seriously because we know it`s a big step in most human lives. I hope this will help you understand the addition of funding, and if you have any additional questions about it, please contact us. The buyer must sign and print his name, then register the signature date on the spaces with the terms “buyer`s signature,” “print name” and “date.” Any buyer in the sales contract must provide these items. In addition to the buyer, the seller must also sign this addendum. The “Seller`s Signature,” “Print Name” and “Date” lines were provided to allow each seller to sign and print their name and date the signature they indicated. (c) And the reason why the buyer has not been able to get financing As you can see, the first two options are in order of how the parties can and will proceed. First, the seller will communicate his option to terminate the contract at any time 3 days after delivery. You will still see some ambiguities in the language, as this option states that the seller can terminate as well as ANY TIME after 3 days after delivery.
More a minus, a “shot above the bow,” if you want to attract the attention of buyers. It is also a paragraph containing information that many real estate agents may not know that “technically” gives the buyer a right to resign even after the closing date (if the transaction is not closed due to an expectation in the financing process). In the “DATE OF VALIDITY II,” document the first calendar date at which the terms of this addendum are active with the spaces provided. We need some specific figures in Article iii. mortgage. Look for the two boxes to be rated in front of the words “First (1st) mortgage” and “Second (2nd) mortgage,” and then check it to indicate whether the buyer`s mortgage is the result of a first or second mortgage. In the first empty line of this paragraph, indicate the dollar amount of that portion of the purchase price that goes to the seller. Then use the nearest storage space available to document the applicable interest rate (per year). The following article, which requires attention, “IV. Buyer`s credit information” contains an empty space in which you must enter the number of days the buyer has spent after the validity date (shown in the second article) to provide the seller with credit information (i.e. credit check, job verification, etc.). Look for the space available in “IV.
“Consent of the seller” and then the number of days the seller has to inform the buyer if his credit information has been accepted or refused.