TREC has released updates to the following documents which will go in effect on March 1, 2019. The documents can be downloaded from this location. See below for what’s new.
TAR 1901, TREC 40-8, Third Party Financing Addendum
Property approval under paragraph 2 has changed. The timeframe that a buyer can terminate under this provision now states not later than 3 days before closing. To terminate, a buyer must also provide a written statement from the lender that provides the reason(s) for the lender’s determination in not lending on the property.
TAR 1902, TREC 38-6, Notice of Buyer’s Termination of Contract
If terminating due to lender’s property approval, buyer must provide the lender’s written statement for the reasons for their determination. If terminating due to lender’s appraisal, must provide a copy of the appraisal. For condos, can terminate if timely objections weren’t cured by the end of the cure period.
TAR 1948, TREC 49-1, Addendum Concerning Right to Terminate Due to Lender’s Appraisal
Essentially the same with different formatting and slightly reworded for clarity.