33%(9)3 out of 9 people found this document helpful
This preview shows page 3 - 4 out of 4 pages.
apply for financing? a. Promptly b. 3 days c. 15 days d. Negotiable 22. Both the Seller Financing Addendum and Loan Assumption Addendum give the seller the option to terminate the contract under which specific condition? 23. Under the TREC Third Party Financing Addendum, what happens if the buyer fails to give notice that the buyer cannot obtain approval within the number of days negotiated by the parties?
24. The buyer wishes to obtain an adjustable rate mortgage. How should paragraph 1 of the TREC Third Party Financing Addendum be filled out? 25. Under the TREC Third Party Financing Addendum, which of the following is a FALSE statement? a. The contract terminates if the buyer timely notifies the seller that the buyer was unable to get buyer approval. b. The earnest money will be refunded to the buyer if the buyer timely notifies the seller that the buyer was unable to get buyer approval. c. If the buyer doesn't receive buyer approval, the buyer can terminate anytime before closing. d. Time is of the essence for purposes of obtaining buyer approval.