HomeMy WebLinkAboutaddendum_concerning_right_to_terminate_due_to_lenders_appraisal__111518_ts13134 (1) PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC) 11-15-18
ADDENDUM CONCERNING RIGHT TO TERMINATE
DUE TO LENDER'S APPRAISAL
Use only if the Third Party Financing Addendum is attached to the contract and
the transaction does not involve FHA insured or VA guaranteed financing
CONCERNING THE PROPERTY AT:
(Street Address and City)
The financing described in the Third Party Financing Addendum attached to the contract for the sale of the
above-referenced Property does not involve FHA or VA financing.(Check one box only)
(1)WAIVER. Buyer waives Buyer's right to terminate the contract under Paragraph 2B of the
Third Party Financing Addendum if Property Approval is not obtained because the opinion of value in
the appraisal does not satisfy lender's underwriting requirements .
If the lender reduces the amount of the loan due to the opinion of value, the cash portion of Sales
Price is increased by the amount the loan is reduced due to the appraisal.
(2)PARTIAL WAIVER.Buyer waives Buyer's right to terminate the contract under Paragraph 2B
of the Third Party Financing Addendum if:
(i) Property Approval is not obtained because the opinion of value in the appraisal does
not satisfy lender's underwriting requirements; and
(ii) the opinion of value is $ or more.
If the lender reduces the amount of the loan due to the opinion of value, the cash portion of Sales
Price is increased by the amount the loan is reduced due to appraisal.
(3)ADDITIONAL RIGHT TO TERMINATE.In addition to Buyer's right to terminate under
Paragraph 2B of the Third Party Financing Addendum, Buyer may terminate the contract within
days after the Effective Date if:
(i) the appraised value, according to the appraisal obtained by Buyer's lender, is less
than $ ; and
(ii) Buyer delivers a copy of the appraisal to the Seller.
If Buyer terminates under this paragraph, the earnest money will be refunded to Buyer.
Buyer Seller
Buyer Seller
The form of this addendum has been approved by the Texas Real Estate Commission for use only with similarly
approved or promulgated forms of contracts. Such approval relates to this contract form only. TREC forms are
intended for use only by trained real estate license holders. No representation is made as to the legal validity or
adequacy of any provision in any specific transactions. It is not intended for complex transactions. Texas Real Estate
Commission, P.O. Box 12188, Austin, TX 78711-2188, (512) 936-3000 (www.trec.texas.gov) TREC No. 49-1.
TREC NO. 49-1
Phone: Fax:
Produced with Lone Wolf Transactions (zipForm Edition) 717 N Harwood St, Suite 2200, Dallas, TX 75201 www.lwolf.com
Lot 84 on Southwind Port Arthur
X
45
24,000.00
Michael D. Nickell City of Port Arthur
Barbara P. Nickell
AM Team - RE/MAX ONE, 8245 Gladys Avenue Beaumont TX 77706 409-701-1068 LOT 84 on
Autumn Morrell
DocuSign Envelope ID: 3F456C08-30B1-49F2-8CA9-40D9F2ADB2F4