Episode Details

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The critical difference between a Promissory Note (the IOU) and a Deed of Trust (the security instrument) in a Texas seller-financed deal. - How the Due-on-Sale clause protects the seller by preventing the buyer from transferring the property without the seller's consent. - The seller's right under the addendum to review and approve the buyer's credit as a contract contingency. - Where key financial terms like interest rate, payment schedule, and loan amount are formally documented in the transaction. - Why Texas real estate transactions use a Deed of Trust with a power of sale, allowing for non-judicial foreclosure, instead of a traditional mortgage. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep