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Click ‘Get Form’ to open the appraisal addendum PDF in the editor.
Begin by filling in the date of the Purchase and Sale Agreement at the top of the form.
Enter the names of both Buyer and Seller in their respective fields, ensuring accuracy for legal purposes.
Specify the property address clearly in the designated section to avoid any confusion.
If applicable, indicate if the appraisal is less than the sale price by checking or marking that section.
Follow through each response option provided for Seller’s actions regarding a low appraisal, selecting or writing in your choice as needed.
Complete Buyer’s reply section by indicating whether you accept or terminate based on Seller's response.
Finally, ensure all parties initial and date where required to validate the document before saving or sharing it.

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What is the most common addendum?

An addendum is an addition to a finished document, such as a contract. The most common addendum is an attachment or exhibit at the end of such a document.

What is an example of an appraisal addendum?

Appraisal Escalation Addendum For example, lets say the buyer offers $100,000 for a home. To make her offer stronger, the buyer adds an appraisal escalation clause. The clause/addendum states that if the property appraises below the purchase price the Buyer will agree to contribute $5,000 above the appraised value.

How do you write an addendum to change the closing date?

The language should be clear, concise, and unambiguous. Example 1: The closing date specified in the Purchase Agreement dated [Original Date] for the property located at [Address] is hereby amended. The new closing date shall be [New Date]. All other terms and conditions of the original agreement remain unchanged.

Can you back out after an appraisal?

A home appraisal contingency is an addendum to the offer contract a buyer submits. It states that if the appraisal comes back low, the buyer has the option to back out of the deal and get their earnest money back.

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