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Summer Classes at GSMAR

Opportunities and Advantages of Home Warranty Disclosure
3 Hours CE Credit – Maryann Page Azambuja, Instructor
Wednesday Aug 24th  10:00 AM – 1:00 PM

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TAR Digest: 8. HOT LINE: Attachments to the Contract?

QUESTION: For years I have always done what I was taught regarding attaching addenda to the purchase and sale agreement. The ones that I attached are the ones that both parties sign. Recently I was told not to do that. Only the FHA/VA addendum, if it is that type of loan.
I am told to not attach the Lead Based Paint Disclosure, Disclaimer, Agency Status, and just anything and everything that both parties sign. Is this the correct way to write offers? It almost comes across to me as protection for the seller, when our duties are to protect the buyer as well.

ANSWER: This is not exactly true. You can legally attach the Lead Based Paint Disclosure and the Agency Status form according to the statute. HOWEVER, we do not recommend that you do so, as this extends the statute of limitations on these matters to six years. You can have these documents be stand alone documents and shorten the statute of limitations on these matters.
A simple rule of thumb that we recommend is that, if the title of the form has the words "exhibit", "addenda", or "amendment", then it would be appropriate (and probably necessary) to attach to the Purchase and Sale Agreement. Otherwise, the documents will likely be better as stand-alone documents.

[SOURCE: TAR's Legal & Ethics Hot Line Attorneys]

THDA Promoting a New Option for Buyers

The Tennessee Housing Development Agency (THDA) has gone on the road to promote its new Great Choice program. Last week, they took the Great Choice tour to Dyersburg in partnership with the Dyersburg Board of REALTORS.

Ralph M. Perrey, executive director of THDA, assured local representatives that homeownership is more possible than generally thought. "There's a lot of talk out there that it's very difficult to get a mortgage loan," said Perrey. "We have a lot of information at What you'll find is an affordable rate on a 30-year fixed, no gimmick mortgage loan. We have downpayment and closing cost assistance and underwriting flexibility that we can offer as the state's housing finance agency."

"If you haven't looked at THDA lately, you've missed a lot. In the last 18 months THDA has changed its mortgage product offerings, beefed up its downpayment and closing costs assistance, and been more proactive in consumer marketing and lender engagement," said Perrey.

THDA is not a direct lender, it works through a statewide network of lenders including First Citizen's National Bank, First State Bank, Security Bank, Mortgage Investors Group, and Regions. More detail about the range of THDA activities is found on

THDA has sales price and income limits and the majority of its mortgage loans go to first-time buyers. However, in 58 counties, the first-time limitation is waived. Eligible military homebuyers are offered a 1/2-point reduction in the mortgage interest rate. More information is available through lenders or at:

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TREC Newsletter  -  TAR Digest

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