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Appraisal contingency addendum

Appraisal contingency addendum pdf 2025

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The document is a Cash Appraisal Contingency Addendum to a Contract of Sale, outlining the conditions under which the Buyer can request an appraisal of the Property. It specifies that if the appraised value is less than the Purchase Price, the Buyer must notify the Seller and choose whether to proceed with the purchase or request a price reduction. The Seller then has options to either agree to reduce the price or decline, with further actions available to the Buyer depending on the Seller's response.

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Click ‘Get Form’ to open the appraisal contingency addendum in the editor.
Begin by filling in the Addendum number and date at the top of the form. This helps track your document accurately.
Enter the names of the Buyer and Seller, ensuring all parties are correctly identified for clarity.
Specify the property address where indicated. This is crucial for identifying the subject of the contract.
Fill in the timeframe within which the Buyer must order an appraisal after contract acceptance. This keeps timelines clear.
In Section 1, indicate how the Buyer will respond if the appraised value is less than the purchase price. Choose between proceeding with purchase or requesting a price reduction.
Complete Sections 2 and 3 based on Seller's response options regarding price adjustments, ensuring all conditions are clearly stated.
Finally, have all parties sign and date at the bottom of the form to validate it legally.

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What are examples of appraisal gap clauses?

Example 2. If a buyer makes an offer of $200,000 on a home and the appraised value is $220,000, and there is an appraisal gap clause, then the buyer will need to fork out the extra $20,000. The appraisal gap clause essentially requires the buyer to pay the difference.

How does an appraisal gap addendum work?

In the appraisal gap coverage clause, you and the seller must agree on how much youre willing to pay above the appraised value and if you want to split the difference. Agree on as much as possible, putting it in writing before signing the contract.

What is an example of an appraisal gap addendum?

Example: Purchase Price agreed to is $250,000, but Purchaser is concerned the Property will not appraise for that amount and is willing to accept an appraisal up to $25,000 under the Purchase Price. The Purchaser can utilize the Addendum and insert an Appraisal Minimum of $225,000.

What is an appraisal contingency addendum?

An appraisal addendum protects the buyer from acquiring an undervalued home. If a property appraisal does not value the home at the minimum sale price, an appraisal addendum allows the buyer to withdraw from the sale. The buyer then has the right to terminate the contract and receive their earnest money back.

How do you write an appraisal contingency clause?

xxs obligation to close this transaction is contingent upon Real Estate appraising at or above final 90 sales price of the Real Estate. xx has the right to obtain, at xxs expense, an independent appraisal performed by an appraiser licensed in Ohio.