Contracts
The TREC Seller Financing Addendum is used when:
AThe buyer obtains a traditional bank mortgage
BThe seller is financing all or part of the purchase price✓ Correct
CThe buyer is using VA or FHA financing
DThe property is being acquired through a 1031 exchange
Explanation
The TREC Seller Financing Addendum is used when the seller agrees to carry back a note and lien for all or part of the purchase price. It specifies the loan terms, including interest rate, payment schedule, and default provisions.
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