The sellers have accepted an offer in which they agreed to carry a second trust deed. What contract should be provided to the seller to be sure all the required information is available to them to enter into this type of agreement?

Question

Business

Darius

21 December, 04:32

The sellers have accepted an offer in which they agreed to carry a second trust deed. What contract should be provided to the seller to be sure all the required information is available to them to enter into this type of agreement?

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Answers (1)

Know the Answer?

Edith Mckee · Answer 1

The correct answer is Seller Financing Addendum and Disclosure Statement.

Explanation:

Seller financing can replace or supplement loans from a traditional lender. You may be offered financing from the seller when you do not meet the requirements for a bank loan for the total amount, or when you assume a portion of a previous mortgage, taken by the seller and need a loan for the rest. Be sure to let the lender know if you are receiving financing from the seller or other.

For its part, the Disclosure Statement is a document that provides a profile of the corporation, financial information and a summary of the proposed Reorganization Plan. This information is useful for creditors to decide whether to accept or reject the Reorganization Plan.