Hello, this is Tim Brooks with the Brooks Group and the Ultimate Selling Team at Keller Williams Realty. I wanted to welcome you back for our training on the Maryland purchase contract addenda. This is going to be an interesting training session, and we're going to cover what paperwork actually goes with the core contract that's submitted by the buyer. This paperwork is not provided by the seller with the initial disclosure packet that's usually published online with the property listing. So, what we're going to cover in today's session is all of the different addenda that can be part of the contract that the buyer is going to provide, but not what's actually provided by the seller in their package. These five things can be either the financing addendum, inspection addendum, first-time homebuyer addendum, seller contribution addendum, and finally, the addendum of clauses. Now, the addendum of clauses actually encompasses all of those other things into just one simple addendum. That's why I like to use it rather than having four or five different addenda. This one actually puts all of those together in one document, except for the first-time homebuyer addendum. Also, remember you can go to paragraph 17 of the core contract. If you're not sure what all needs to be included, you can kind of go down that checklist there and see what applies to your specific situation. Then, you'll know what to include and what not to include. Now, the first addenda we're going to go over are the financing addenda. That's conventional, FHA, and VA financing. Conventional financing usually requires a higher down payment, but it offers the best rate and terms and is the cheapest type of money to borrow. Usually, it includes no mortgage insurance. On the other hand, FHA requires only two and a...
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