Addendum

TXR 1901 — Third Party Financing Addendum

This addendum specifies the type, terms, and conditions of third party financing (bank, mortgage company, credit union, or other institutional lender) the buyer will obtain to purchase the property. It establishes the buyer's duty to apply for and make every reasonable effort to obtain loan approval

Source: TXR
Form Number: 1901
Category: Addendum
Revised: November 4, 2024

Used For

Residential Sales, Farm & Ranch, Vacant Land

Form Outline

The TXR 1901 form is organized into the following sections:

  1. Header and Property Identification
    Identifies the form as promulgated by TREC, names the addendum, and ties it to the main contract via the property address.
  2. Type of Financing and Duty to Apply and Obtain Approval
    Defines the buyer's obligation to promptly apply for financing and make every reasonable effort to obtain approval. Provides seven financing type options (A through G) with specific terms for each loan type including principal amount, term, interest rate, and origination charges.
  3. Approval of Financing
    Defines what constitutes financing approval by establishing two components: Buyer Approval (creditworthiness) and Property Approval (underwriting requirements). Creates deadlines and termination rights for each component. Emphasizes that time is of the essence and strict compliance is required.
  4. Security
    States that if required by the buyer's lender, each note for the financing must be secured by vendor's and deed of trust liens.
  5. FHA/VA Required Provision
    Contains federally required provisions for FHA and VA loans. Protects the buyer from being obligated to purchase if the appraised value is below a stated amount (FHA) or if the purchase price exceeds the VA reasonable value. The 3-day Property Approval termination deadline does not apply to this paragraph.
  6. Authorization to Release Information
    Authorizes the buyer's lender to share financing status information with the seller or their representatives, and authorizes the lender, title company, and escrow agent to share closing disclosures and settlement statements with the parties' respective brokers and agents.
  7. Signatures and Execution
    Signature lines for both buyers and both sellers to execute the addendum. Includes the TREC disclaimer that the form is approved for use with similarly approved or promulgated contract forms and is intended for use by trained real estate license holders only.

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