RE Contracts Ch. 3 Sales Price and Financing Addendum

• -down payment
• -the loan amount
• -sale's price total

• -closing costs
• -earnest money

lender

• -5% down and good credit
• -10% down and P.M.I., private mortgage insurance
• -20%

false; they are covered in para 22 and other paras

true; some can go to the title company to pay off bills

-prepaid costs(reserves for property taxes and insurance paid to the lender, interim interest from the date of closing to the end of the month, regular closing costs (appraisals, credit reports, etc.) and any points the buyer is to pay.

• true; funds are with title company and will be used during closing; 
• ***At closing down payment can be earnest money or what ever money the buyers come up with.

• -third party financing
• -loan assumption addendum
• -seller financing addendum

loans

???

0

• -You don't know if they really have the cash or not; can take longer on closing
• -Fix the problem; more earnest money and set date for closing
• -watch out for credit borrowers, they should be check out; they won't disclose where they are getting the money.

is a license holder is part of the deal