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    Addendum For Release of Liability On Assumed Loan And/Or Restoration of Seller'S Va Entitlement

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    Michell Riv
    This document is an addendum for releasing a seller's liability on an assumed loan or restoring their VA entitlement. It outlines two options (A and B) for applying to release the seller from liability on a conventional, VA, or FHA loan being assumed by the buyer. It also details applying to restore the seller's VA entitlement if they are selling to a non-veteran buyer. The addendum specifies that the seller will pay costs associated with securing the release and restoration and any loan assumption clauses required by the lenders.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Addendum For Release of Liability On Assumed Loan And/Or Restoration of Seller'S Va Entitlement

    Uploaded by

    Michell Riv
    57 views1 page
    This document is an addendum for releasing a seller's liability on an assumed loan or restoring their VA entitlement. It outlines two options (A and B) for applying to release the seller from liability on a conventional, VA, or FHA loan being assumed by the buyer. It also details applying to restore the seller's VA entitlement if they are selling to a non-veteran buyer. The addendum specifies that the seller will pay costs associated with securing the release and restoration and any loan assumption clauses required by the lenders.

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    Agreementlease

    Original Title

    12-3_0

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    This document is an addendum for releasing a seller's liability on an assumed loan or restoring their VA entitlement. It outlines two options (A and B) for applying to release the seller from liability on a conventional, VA, or FHA loan being assumed by the buyer. It also details applying to restore the seller's VA entitlement if they are selling to a non-veteran buyer. The addendum specifies that the seller will pay costs associated with securing the release and restoration and any loan assumption clauses required by the lenders.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    57 views1 page

    Addendum For Release of Liability On Assumed Loan And/Or Restoration of Seller'S Va Entitlement

    Uploaded by

    Michell Riv
    This document is an addendum for releasing a seller's liability on an assumed loan or restoring their VA entitlement. It outlines two options (A and B) for applying to release the seller from liability on a conventional, VA, or FHA loan being assumed by the buyer. It also details applying to restore the seller's VA entitlement if they are selling to a non-veteran buyer. The addendum specifies that the seller will pay costs associated with securing the release and restoration and any loan assumption clauses required by the lenders.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC) 12-05-11

    ADDENDUM FOR EQUAL HOUSING

    RELEASE OF LIABILITY ON ASSUMED LOAN OPPORTUNITY

    AND/OR RESTORATION OF SELLER'S VA ENTITLEMENT


    TO CONTRACT CONCERNING THE PROPERTY AT

    (Address of Property)

    A. RELEASE OF SELLER'S LIABILITY ON LOAN TO BE ASSUMED:


    Within days after the effective date of this contract Seller and Buyer shall apply for
    release of Seller's liability from (a) any conventional lender, (b) VA and any lender whose loan has
    been guaranteed by VA, or (c) FHA and any lender whose loan has been insured by FHA. Seller and
    Buyer shall furnish all required information and documents. If any release of liability has not been
    approved by the Closing Date: (check one box only)
    (1) This contract will terminate and the earnest money will be refunded to Buyer.
    (2) Failure to obtain release approval will not delay closing.
    B. RESTORATION OF SELLER'S ENTITLEMENT FOR VA LOAN:
    Within days after the effective date of this contract Seller and Buyer shall apply for
    restoration of Seller's VA entitlement and shall furnish all information and documents required by VA.
    If restoration has not been approved by the Closing Date: (check one box only)
    (1) This contract will terminate and the earnest money will be refunded to Buyer.
    (2) Failure to obtain restoration approval will not delay closing.
    NOTICE: VA will not restore Seller's VA entitlement unless Buyer: (a) is a veteran, (b) has sufficient
    unused VA entitlement and (c) is otherwise qualified. If Seller desires restoration of VA entitlement,
    paragraphs A and B should be used.
    Seller shall pay the cost of securing the release and restoration.
    Seller's deed will contain any loan assumption clause required by FHA, VA or any lender.

    Buyer Seller

    Buyer Seller

    This form has been approved by the Texas Real Estate Commission for use with similarly approved
    or promulgated contract forms. Such approval relates to this form only. TREC forms are intended
    for use only by trained real estate licensees. No representation is made as to the legal validity or
    adequacy of any provision in any specific transactions. It is not suitable for complex transactions.
    Texas Real Estate Commission, P.O. Box 12188, Austin, TX 78711-2188, 512-936-3000 (http://
    www.trec.texas.gov) TREC No. 12-3. This form replaces TREC No. 12-2.

    TREC No. 12-3

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