Regional Contract Update SeriesPresented by
Paragon Title and Escrow Company
www.paragontitle.com| (301) 986-1114
What Will be Covered:
I. Conventional Financing Addendum
II. FHA Financing Addendum
III.VA Financing Addendum
IV. Seller Financing Addendum
V. Addendum of Clauses
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
CONVENTIONAL FINANCING ADDENDUM
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
How to Identify the New Addendum
The Date in the bottom right corner distinguishe
s the new addendum
from the old one.
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
3/2012
New Additions
A New Paragraph B has been added to provide a space to include an institutional second trust when the contract is intended to be contingent upon the Buyer getting loan
approval for a first and a second mortgage.
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
New Additions
In Paragraph C, the letter “s” was added to the word loan to make it clear that the
financing contingency covers the First Mortgage and Second Mortgage, if
applicable.
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
Deletions from the Addendum
This paragraph has been deleted from the Conventional Financing
Addendum, as well as the FHA and VA Financing Addenda and has been left in the Addendum of Clauses to avoid
duplication.
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
FHA FINANCING ADDENDUM
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
How to Identify the New Addendum
The Date in the bottom right corner distinguishe
s the new addendum
from the old one.
3/2012Conventional Financing
Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
The Significant Change
The Seller Subsidy portion of this paragraph has been deleted and has been left in the Addendum of Clauses to avoid
duplication.
The Seller Loan charges part of the paragraph has been retained to address loan charges that
FHA requires to be paid by the Seller.
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
VA FINANCING ADDENDUM
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
How to Identify the New Addendum
The Date in the bottom right corner distinguishe
s the new addendum
from the old one.
3/2012Conventional Financing
Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
The Significant Change
The Seller Subsidy portion of this paragraph has been deleted and has been left in the
Addendum of Clauses to avoid duplication.
The Seller Loan charges part of the paragraph has been retained to address loan charges that
VA requires to be paid by the Seller.
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
SELLER FINANCING ADDENDUM
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
How to Identify the New Addendum
The Date in the bottom right corner distinguishe
s the new addendum
from the old one.
Seller Financing Addendum
The Title of this Addendum has been changed
since it will only be used for
Seller Financing.
Conventional Financing Addendum
FHA Financing Addendum
VA Financing Addendum
Seller Financing Addendum Addendum of Clauses
3/2012
Deletion from the Old Addendum
With the inclusion of the Second Deed of Trust paragraph in the
Conventional Financing Addendum, this provision was deleted from this addendum. Paragraphs have been renumbered to accommodate the
change.
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
ADDENDUM OF CLAUSES
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
How to Identify the New Addendum
The Date in the bottom right corner distinguishe
s the new addendum
from the old one.
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
3/2012
Relocation of Paragraph 12
This paragraph has been relocated from its old position of paragraph 12, to become paragraph 1. This clause may now be used in any
transaction where a closing cost credit is applicable.
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses
New Addition to the Addendum
This is a new provision added to the Addendum of Clauses.
• Puts the parties on notice when one, or both parties wish to treat the transaction as part of a 1031 Exchange.
• Obligates the parties to cooperate with each other.
• Confirms that the “agreeing party“ will not incur any liability and/or expense.
• Grants permission to assign the contract to an exchange intermediary.
Conventional Financing Addendum FHA Financing Addendum VA Financing Addendum Seller Financing Addendum Addendum of Clauses