TREC Form 45-2 Short Sale Addendum - Texas

What Is TREC Form 45-2?

This is a legal form that was released by the Texas Real Estate Commission - a government authority operating within Texas. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is TREC Form 45-2?A: TREC Form 45-2 is the Short Sale Addendum specifically designed for real estate transactions in Texas.

Q: What is a short sale?A: A short sale is a real estate transaction where the homeowner sells the property for less than what is owed on the mortgage.

Q: Why would a homeowner consider a short sale?A: A homeowner may consider a short sale if they are unable to keep up with mortgage payments and want to avoid foreclosure.

Q: Is TREC Form 45-2 mandatory for short sale transactions in Texas?A: Yes, TREC Form 45-2 is the required addendum for short sale transactions in Texas.

Q: Who should use TREC Form 45-2?A: TREC Form 45-2 should be used by real estate agents, buyers, and sellers involved in a short sale transaction in Texas.

Q: What information is included in TREC Form 45-2?A: TREC Form 45-2 includes information about the short sale transaction, such as the property address, purchase price, and terms and conditions of the sale.

Q: Do I need to consult an attorney when using TREC Form 45-2?A: While it is not mandatory to consult an attorney, it is recommended to seek legal advice when using TREC Form 45-2 or any real estate form.

Q: Can TREC Form 45-2 be modified or customized?A: TREC Form 45-2 should not be modified or customized without the guidance of legal counsel or a licensed real estate professional.

Q: What happens after TREC Form 45-2 is signed?A: After TREC Form 45-2 is signed, it becomes part of the overall contract and the short sale transaction can proceed according to the agreed terms.