Seller Financing Addendum Template
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1
2PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC)
11-2-2015
EQUAL HOUSING
OPPORTUNITY
SELLER FINANCING ADDENDUM
TO CONTRACT CONCERNING THE PROPERTY AT
(Address of Property)
A. CREDIT DOCUMENTATION.
To establish Buyer's creditworthiness, Buyer shall deliver
to
Seller within
days after the effective date of this contract,
credit report
verification
of employment, including salary
verification of funds on deposit in financial institutions
current financial statement and
. Buyer hereby
authorizes any credit reporting agency to furnish copies of Buyer's credit reports to Seller at
Buyer's sole expense.
B. BUYER’S CREDIT APPROVAL.
If the credit documentation described in Paragraph A is not
delivered within the specified time, Seller may terminate this contract by notice to Buyer within
7 days after expiration of the time for delivery, and the earnest money will be paid to Seller. If
the credit documentation is timely delivered, and Seller determines in Seller's sole discretion
that Buyer's credit is unacceptable, Seller may terminate this contract by notice to Buyer within
7 days after expiration of the time for delivery and the earnest money will be refunded to Buyer.
If Seller does not terminate this contract, Seller will be deemed to have approved Buyer's
creditworthiness.
C. PROMISSORY NOTE. The promissory note in the amount of $____________ (Note), included in
Paragraph 3B of the contract payable by Buyer to the order of Seller will bear interest at the rate
of
% per annum and be payable at the place designated by Seller. Buyer may prepay the
Note in whole or in part at any time without penalty. Any prepayments are to be applied to the
payment of the installments of principal last maturing and interest will immediately cease on the
prepaid principal.
The Note will contain a provision for payment of a late fee of 5% of any
installment not paid within 10 days of the due date. Matured unpaid amounts will bear interest
at the rate of 1½% per month or at the highest lawful rate, whichever is less. The Note will be
payable as follows:
(1) In one payment due
after the date of the Note
with interest payable
at maturity
monthly
quarterly. (check one box only)
(2) In monthly installments of $
including interest
plus interest (check
one box only) beginning
after the date of the Note and continuing
monthly thereafter for
months when the balance of the Note will be due and
payable.
(3) Interest only in monthly installments for the first
month(s) and thereafter in
installments of $
including interest
plus interest (check one box
only) beginning
after the date of the Note and continuing monthly
thereafter for
months when the balance of the Note will be due and payable.
D. DEED OF TRUST. The deed of trust securing the Note will provide for the following:
(1) PROPERTY TRANSFERS: (check one box only)
(a) Consent Not Required: The Property may be sold, conveyed or leased without the
consent of Seller, provided any subsequent buyer assumes the Note.
(b) Consent Required: If all or any part of the Property is sold, conveyed, leased for a
period longer than 3 years, leased with an option to purchase, or otherwise sold
(including any contract for deed), without Seller's prior written consent, which consent
may be withheld in Seller's sole discretion, Seller may declare the balance of the Note
TREC NO. 26-
7
Initialed for identification by Buyer
and Seller
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