What's New With the Regional Contract
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What's New With the Regional Contract

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Paragon Title explains the most recent modifications to the Regional Sales Contract.

Topics Covered: Conventional, FHA, VA, and Seller Financing Addenda, and the Addendum of Clauses.

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What's New With the Regional Contract Presentation Transcript

  • 1. Regional Contract Update Series Presented by Paragon Title and Escrow Company www.paragontitle.com| (301) 986-1114
  • 2. What Will be Covered:I. Conventional Financing AddendumII. FHA Financing AddendumIII. VA Financing AddendumIV. Seller Financing AddendumV. Addendum of Clauses Conventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 3. CONVENTIONALFINANCING ADDENDUMConventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 4. How to Identify the New Addendum The Date in the bottom right corner distinguishes the new addendum from the old one. 3/2012 Conventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 5. New AdditionsA New Paragraph B has been added to provide a space toinclude 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 FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 6. 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 FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 7. 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 FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 8. FHA FINANCING ADDENDUMConventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 9. How to Identify the New Addendum The Date in the bottom right corner distinguishes the new addendum from the old one. 3/2012 Conventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 10. The Significant Change The Seller Loan charges part of the paragraph has beenretained to address loan charges that FHA requires to be paid by the Seller. The Seller Subsidy portion of this paragraph has been deleted and has been left in the Addendum of Clauses to avoid duplication. Conventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 11. VA FINANCING ADDENDUM Conventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 12. How to Identify the New Addendum The Date in the bottom right corner distinguishes the new addendum from the old one. 3/2012 Conventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 13. The Significant ChangeThe Seller Loan charges part of the paragraph has beenretained to address loan charges that VA requires to be paid by the Seller. The Seller Subsidy portion of this paragraph has beendeleted and has been left in the Addendum of Clauses to avoid duplication. Conventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 14. SELLER FINANCING ADDENDUMConventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 15. How to Identify the New Addendum Seller Financing Addendum The Title of this Addendum has been changed since it will The Date in the only be used for bottom right Seller Financing. corner distinguishes the new addendum from the old one. 3/2012 Conventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 16. 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 FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 17. ADDENDUM OF CLAUSESConventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 18. How to Identify the New Addendum The Date in the bottom right corner distinguishes the new addendum from the old one. 3/2012 Conventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 19. 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 FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  • 20. New Addition to the AddendumThis 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 FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum