Addendum

TXR 1914 — Seller Financing Addendum

This addendum establishes the terms and conditions of seller financing when the seller agrees to carry back a promissory note as part of the purchase price. It defines the buyer's credit documentation requirements, the seller's right to approve or reject the buyer's credit, the terms of the promisso

Source: TXR
Form Number: 1914
Category: Addendum
Revised: November 7, 2022

Used For

Residential Sales, Farm & Ranch, Vacant Land

Form Outline

The TXR 1914 form is organized into the following sections:

  1. Header and Preamble
    Identifies the property, warns that seller financing is complex and subject to lending laws, and advises consulting an attorney and financial professional.
  2. Credit Documentation
    Specifies what credit documentation the buyer must provide to the seller and the deadline for delivery. The buyer authorizes credit agencies to release credit reports at buyer's expense.
  3. Buyer's Credit Approval
    Creates two termination paths: late documentation means seller keeps earnest money; delivered but unacceptable credit means earnest money refunded. Seller's failure to act within the 7-day review window constitutes deemed approval.
  4. Promissory Note
    Defines all promissory note terms including principal, interest rate, prepayment rights, late fees, default interest, and one of three payment structures. This is the most financially critical section of the addendum.
  5. Deed of Trust
    Introduces the deed of trust provisions that secure the promissory note, with four subsections covering transfer restrictions, insurance, escrow, and prior liens.
  6. Property Transfers (Due-on-Sale)
    Determines whether the buyer can transfer the property without seller consent. Option (a) allows free transfer with assumption; Option (b) is a due-on-sale clause with standard exceptions. Original buyer remains liable unless released.
  7. Casualty Insurance
    Determines whether the buyer must obtain casualty (hazard) insurance naming the seller as mortgagee loss payee at closing.
  8. Tax and Insurance Escrow
    Determines whether the seller will collect tax and insurance escrow with each payment or the buyer will handle taxes and insurance independently. If escrow is required, details include deficiency payments, annual accounting, and third-party servicer options.
  9. Prior Liens
    Cross-default provision: any default on a senior lien automatically triggers a default under the seller's deed of trust, protecting the seller's subordinate position.
  10. Signatures and Approval
    Provides signature lines for buyer(s) and seller(s) and the standard TREC approval disclaimer. Both parties must sign for the addendum to be effective.

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