The hot seller’s market in Texas has created confusing situations involving financing and appraisals. To answer your questions about these issues, Texas REALTORS® hosted a webinar with Ron Walker, co-chair of the Texas Real Estate Commission Broker-Lawyer Committee and former general counsel for Texas REALTORS®. He explained how to use the Third Party Financing Addendum and the Addendum Concerning Right to Terminate Due to Lender’s Appraisal.
Note: The print version of this article in the July issue of Texas REALTOR® contained an incorrect example regarding use of Paragraph 2(ii) of the Addendum Concerning Right to Terminate Due to Lender’s Appraisal. This online version has been corrected.