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.

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 Addendum
II. FHA Financing Addendum
III. VA Financing Addendum
IV. Seller Financing Addendum
V. Addendum of Clauses
Conventional Financing FHA Financing VA Financing Seller Financing
Addendum of Clauses
Addendum Addendum Addendum Addendum

3. CONVENTIONAL
FINANCING ADDENDUM
Conventional 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 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 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
ADDENDUM
Conventional 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 been
retained 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 Change
The Seller Loan charges part of the paragraph has been
retained to address loan charges that VA 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

14. SELLER FINANCING
ADDENDUM
Conventional 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 CLAUSES
Conventional 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 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 FHA Financing VA Financing Seller Financing
Addendum of Clauses
Addendum Addendum Addendum Addendum