Who needs a Fannie Mae Amendment Form?
The given form can to be completed in regard to an REO property transaction in specific circumstances. REO means “real estate owned”, which means that the real estate is owned by a bank. Judging from the name of the form, the parties to the real estate transaction should file it if there is a need to make amendments to an already concluded real estate purchase and sale agreement. The parties to the transaction are the Seller and the Buyer, where the Seller is Fannie Mae (FNMA) - the Federal National Mortgage Association.
What is the purpose of the Fannie Mae Amendment form?
The document should be filed to extend or change any terms of the transactions after the agreement ratification.
When is the Purchase and Sale Contract Amendment form due?
The form does not have a particular deadline for the submission. Yet, one party should inform the other about its filing as both sides must sign off on the amendment form.
Is the Fannie Mae Amendment accompanied by any other forms?
The property transaction is recorded in the package of real estate forms. The primary document is the purchase and sale contract. There is not necessarily a need to submit any supplementary forms along with the amendment unless the situation requires doing so.
How to fill out the Amendment form?
The form is a one page document. It requires indicating the following details:
- The parties to the transaction (the Seller and the Purchaser);
- The property;
- The date of the form completion;
- The date of the agreement;
- Type of the amendment requested;
- Certification of the Attorney in Fact for Fannie Mae, the Purchaser and the Seller.
Where to send the completed amendment form?
The completed document must be retained by the parties and kept together with all records of the transaction.