This detailed sample Addendum for Release of Liability on Assumption of FHA, VA or Conventional Loan, Restoration of Seller's Entitlement for VA Guaranteed Loan complies with Texas law. Adapt the language to fit your facts and circumstances. Available in Word and Rich Text formats.
The Collin Texas Addendum for Release of Liability on Assumption of FHA, VA, or Conventional Loan, Restoration of Seller's Entitlement for VA Guaranteed Loan is an important legal document used in real estate transactions. This addendum specifically addresses the release of liability and restoration of seller's entitlement for different types of loans. When an individual or entity assumes an existing FHA, VA, or conventional loan in Collin County, Texas, this addendum ensures that the original seller is released from any liabilities associated with the loan. By signing this document, the buyer assumes all responsibilities and obligations associated with the loan, taking over the payment and any associated risks. Additionally, this addendum also includes a clause that ensures the seller's entitlement for a VA guaranteed loan is restored. This means that if the seller had previously used their VA entitlement to obtain a loan, they are now able to use it again after the assumption is complete. It is important to note that there may be different variations or versions of the Collin Texas Addendum for Release of Liability on Assumption of FHA, VA, or Conventional Loan, Restoration of Seller's Entitlement for VA Guaranteed Loan. These variations may be specific to different loan types, such as FHA, VA, or conventional loans. The addendum may also have different iterations based on certain specificities related to local laws, regulations, or lender requirements. Keywords: Collin Texas, Addendum, Release of Liability, Assumption, FHA loan, VA loan, Conventional loan, Restoration, Seller's Entitlement, VA guaranteed loan.The Collin Texas Addendum for Release of Liability on Assumption of FHA, VA, or Conventional Loan, Restoration of Seller's Entitlement for VA Guaranteed Loan is an important legal document used in real estate transactions. This addendum specifically addresses the release of liability and restoration of seller's entitlement for different types of loans. When an individual or entity assumes an existing FHA, VA, or conventional loan in Collin County, Texas, this addendum ensures that the original seller is released from any liabilities associated with the loan. By signing this document, the buyer assumes all responsibilities and obligations associated with the loan, taking over the payment and any associated risks. Additionally, this addendum also includes a clause that ensures the seller's entitlement for a VA guaranteed loan is restored. This means that if the seller had previously used their VA entitlement to obtain a loan, they are now able to use it again after the assumption is complete. It is important to note that there may be different variations or versions of the Collin Texas Addendum for Release of Liability on Assumption of FHA, VA, or Conventional Loan, Restoration of Seller's Entitlement for VA Guaranteed Loan. These variations may be specific to different loan types, such as FHA, VA, or conventional loans. The addendum may also have different iterations based on certain specificities related to local laws, regulations, or lender requirements. Keywords: Collin Texas, Addendum, Release of Liability, Assumption, FHA loan, VA loan, Conventional loan, Restoration, Seller's Entitlement, VA guaranteed loan.
