FHA DISCLOSURES AMENDATORY CLAUSE / REAL ESTATE CERTIFICATION Buyer(s) Seller(s) Property Address : Date of Agreement: File No.: FHA AMENDATORY CLAUSE It is expressly agreed that notwithstanding any
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Specifically relates to a new addendum that came into an existence as of April this year when the purchase agreement was revised and what I am seeing being in the escrow business is that there is just a complete lack of knowledge of this addendums existence so before I cover the new addendum and what you need to be looking out for I'm going to take you to the past and what is on my screen right now is page one of the old RP a so this is the RP a that we used up until April of this year and on VA and FHA financing right here it used to be that you would simply check this box and it would state that seller shall pay other fees not allow a buy buyer and you had the ability to put a cap on that not to exceed sellers shall pay the cost of lender required repairs not otherwise provided for in this agreement and again you had the ability to put a not-to-exceed so the old page one of the contract essentially was a blank check I would very often get these purchase contracts there would be no cap listed for what the seller was agreeing to pay in FHA or VA mandated or not allowable fees so the new contract completely and totally changed that and it has taken away the pre-printed verbage and people don't seem to realize so now we are looking at the new page one of the RPA that came into existence April of this year and right here paragraph 3c item 3 so 3 c3 for any FHA actually I'm going to jump up here here is where you indicate whether or not the borrower is getting FHA or VA financing and it simply states that it's FHA or VA the pre-printed verbage as far as who pays what has completely and totally disappeared you have to jump down here to this paragraph which says for any FHA or VA loan specified above buyer has 17 days after acceptance to deliver to seller written notice car form F VA of any lender required repairs or cost that by our request seller to pay for a repair seller has no obligation to pay for repairs or to satisfy the satisfy the lender requirements unless otherwise agreed in writing so I'm now getting purchase contracts that have FHA or VA marked and buyer agents are not aware that they need to follow up with this F VA addendum I have listing agents who are not aware that they need to be looking for this F VA addendum and I as escrow holder I'm constantly squabbling for this addendum because I don't know who pays what until I get it what is really scary is when I ask agents for it I hear well I just closed a VA deal and nobody asked me for this so I'm thinking maybe escrow people are closing their transactions based on how the old RPA was generated and they're automatically just charging sellers for fees that they did not agree to pay so we are going to pull up this F VA addendum and it basically states buyers FHA or VA lender requires and by a request seller to pay for the following and here's where you would list any non allowable fees now there is only one non allowable fee that an FHA buyer cannot pay at this point in time there used...