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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 obtain an appraisal of the Property at their expense. It specifies the process for handling situations where the appraised value is less than the Purchase Price, including options for both Buyer and Seller regarding price adjustments or contract termination. The addendum ensures that all other terms of the original contract remain in effect.

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Click ‘Get Form’ to open the appraisal contingency addendum PDF in the editor.
Begin by filling in the Addendum number and date at the top of the form. This helps identify your specific agreement.
Enter the names of both Buyer and Seller, ensuring accuracy for legal purposes.
Specify the property address where indicated, as this is crucial for identifying the subject of the contract.
Indicate how many days Buyer has to order an appraisal after contract acceptance by filling in the blank provided.
In Section 1, note that if the appraised value is less than the purchase price, Buyer must notify Seller within a specified timeframe. Fill in these timeframes accordingly.
Decide whether to proceed with the purchase or request a price reduction and mark your choice clearly in Section 1.
Complete Sections 2 and 3 based on Seller's response options regarding price adjustments, ensuring all blanks are filled accurately.
Finally, have both parties sign and date at the bottom of the form to finalize your agreement.

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What is the purpose of a financing contingency addendum?

A financing addendum gives the buyer a specified amount of time to obtain financing to purchase the new home. If the buyer cannot secure financing, the addendum allows the termination of the contract or a time extension to explore other mortgage options.

What is an appraisal contingency?

If the home appraises for less than the agreed-upon sale price, the appraisal contingency lets you ask the seller to lower the price or walk away from the sale.

What is an example of a contingency clause?

Examples of Contingency Clauses Business transaction: A contingency clause might state that a payment for an invoice must be made 30 days following the products delivery to the buyer. If the payment is late, the seller has the right to charge a late fee or penalty.

What is a contingency addendum?

Inspection Contingency Addendum Per contingency addendums, if the home does not pass inspection, the buyer and seller can renegotiate the terms of the sale. Another option contingency addendums provide is releasing the buyer from the agreement.

What is the purpose of an addendum?

An addendum clarifies and adds things not initially part of the original contract or agreement. Think of addendums as additions to the original agreement (for example, adding a deadline where none existed in the original version).