的 addendum allows the buyer to terminate under certain circumstances if he cannot obtain credit approval or if the property does not satisfy the lender’s underwriting requirements.
第三方融资附录(TXR 1901, TREC 40-9)如何运作?
For a contract where the first box in Paragraph 2A of the 第三方融资增编 is checked, what must a buyer do to terminate the contract if she is unable to obtain credit approval?
If the buyer cannot obtain credit approval and she wants to exercise her right to terminate the contract under the 第三方融资增编, she must give written notice to the seller within the time period agreed to in the addendum. 她可以使用 买方终止合同通知 (TXR 1902). 如果买方在规定的时间内发出通知, 合同终止, 定金退还给买方. 如果买方未在规定时间内提供通知, the contract will no longer be subject to the buyer obtaining credit approval.
My client received an offer on her home where the contract is not subject to the buyer receiving buyer approval for financing. However, the buyer attached a completed 第三方融资增编 to the contract. 我们该怎么处理这个报价呢?
的re is nothing wrong with the buyer submitting the addendum in this way. Just because the buyer is not making the contract contingent on buyer approval of financing (Paragraph 2A) does not mean the buyer cannot terminate due to the absence of property approval (Paragraph 2B).
Is it appropriate to fill in one of the sections of the 第三方融资增编 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?
No. 的 Texas Real Estate Commission and the Broker-Lawyer Committee intended that a percentage would be inserted in these two blanks. That’s why the form was promulgated with percentage signs after the blanks, and the parties risk ambiguity or unenforceability of contracts by not inserting appropriate percentage figures in these blanks. 的 第三方融资增编 is designed to limit the maximum amount of interest and loan fees that a buyer would be obligated to pay as part of his loan contingency. Inserting the word “market” instead of a stated interest rate or leaving a blank space for the maximum loan fees would defeat the purpose of the loan contingency. 的 market interest rate might be several percentage points higher than the buyer intended, assuming it was possible to determine what the market rate was at a particular time in the contracting process. 类似的, a buyer might be required to pay a much greater amount of loan fees than he intended if that figure was left blank and a court imposed a "reasonable" or "market" test to determine the amount of permitted loan fees.
What must a buyer do to terminate the contract if the property does not satisfy the buyer’s lender’s underwriting requirements for the loan?
根据 第三方融资增编, to terminate the contract based on failure to obtain property approval the buyer must, 不迟于截止日期前三天, give the seller a written notice of termination and a copy of a written statement from the lender setting forth the reason for the lender’s determination. 如果买方根据第2B款终止合同, 定金将退还给买方. If the buyer does not terminate the contract in accordance with Paragraph 2B, 物业审批视为已取得. It is important to note that a low appraisal does not give a buyer a right to terminate the contract pursuant to Paragraph 2B of the 第三方融资增编 if the property meets the lender’s underwriting requirements notwithstanding a low appraisal. 进一步, 如果贷款人因评估低而减少贷款金额, the buyer will be required to bring additional cash to the close to make up any difference between the loan and the sales price.