Regional Contract Update Series              Presented by   Paragon Title and Escrow Company             www.paragontitle....
What Will be Covered:I.   Conventional Financing AddendumII. FHA Financing AddendumIII. VA Financing AddendumIV. Seller Fi...
CONVENTIONALFINANCING ADDENDUMConventional Financing   FHA Financing   VA Financing   Seller Financing                    ...
How to Identify the New Addendum                                                                          The Date in the ...
New AdditionsA New Paragraph B has been added to provide a space toinclude an institutional second trust when the contract...
New Additions    In Paragraph C, the letter “s” was added to the     word loan to make it clear that the financing  contin...
Deletions from the Addendum      This paragraph has been deleted from the   Conventional Financing Addendum, as well as   ...
FHA FINANCING                  ADDENDUMConventional Financing   FHA Financing   VA Financing   Seller Financing           ...
How to Identify the New Addendum                                                                          The Date in the ...
The Significant Change The Seller Loan charges part of the paragraph has beenretained to address loan charges that FHA req...
VA FINANCING ADDENDUM Conventional Financing   FHA Financing   VA Financing   Seller Financing                            ...
How to Identify the New Addendum                                                                          The Date in the ...
The Significant ChangeThe Seller Loan charges part of the paragraph has beenretained to address loan charges that VA requi...
SELLER FINANCING              ADDENDUMConventional Financing   FHA Financing   VA Financing   Seller Financing            ...
How to Identify the New Addendum                                Seller Financing Addendum    The Title of this  Addendum h...
Deletion from the Old Addendum  With the inclusion of the Second Deed of Trust    paragraph in the Conventional Financing ...
ADDENDUM OF CLAUSESConventional Financing   FHA Financing   VA Financing   Seller Financing                               ...
How to Identify the New Addendum                                                                          The Date in the ...
Relocation of Paragraph 12   This paragraph has been relocated from its    old position of paragraph 12, to become  paragr...
New Addition to the AddendumThis is a new provision added to the Addendum of Clauses.•   Puts the parties on notice when o...
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What's New With The Regional Contract?

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Sit Back, Relax, and Learn.

Paragon Title explains the most recent modifications to the Regional Sales Contract effective March 13 2012.

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?

  1. 1. Regional Contract Update Series Presented by Paragon Title and Escrow Company www.paragontitle.com| (301) 986-1114
  2. 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. 3. CONVENTIONALFINANCING ADDENDUMConventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  4. 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. 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. 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. 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. 8. FHA FINANCING ADDENDUMConventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  9. 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. 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. 11. VA FINANCING ADDENDUM Conventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  12. 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. 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. 14. SELLER FINANCING ADDENDUMConventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  15. 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. 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. 17. ADDENDUM OF CLAUSESConventional Financing FHA Financing VA Financing Seller Financing Addendum of Clauses Addendum Addendum Addendum Addendum
  18. 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. 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. 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

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