Definition
This contract rider specifies your loan type, rate, down payment, and when you need approval. It removes ambiguity about financing terms and conditions.
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Addendum defines: loan type, amount, rate, term, down payment. Contingency removal conditions. Lender approval deadline. Condition precedent to closing. Professional specifications prevent disputes. State-specific requirements apply. Both parties sign. Lender approval timeline. Contingency withdrawal conditions. Clear financing terms essential.
Pro Tip
Your financing addendum should specify exact loan terms and contingency conditions clearly.
Example
Financing addendum specified conventional loan, 4.5% rate, 30-year term, closing by date.