The purpose of the USPAP (Uniform Standards of Professional Appraisal Practice) addendum is to provide additional information or clarification about specific elements of an appraisal report.
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 addendum?
To order a copy, please call 800-348-2831. Be sure to state which edition you wish to purchase and once payment is made the PDF copy will be emailed to you. Please note: In order to maintain document security, our electronic publications are locked and do not allow for printing or copying text.
How long does a buyer have to respond to an addendum?
If you want to respond to the buyers repair addendum, you usually have 3 days to do so it depends on what you agreed on in your inspection contingency. You have the option of accepting, denying or negotiating.
What is the most common addendum?
The most common addendum is an attachment or exhibit at the end of such a document. For example, a contract to manufacture widgets may have an addendum listing the specifications for said widgets.
Both amendments and addendums involve, and therefore must be agreed upon, by all parties to the contract in order to be valid. Mirror the language of the original contract. Choose an addendum title. Specify the parties. Clarify the part of the original contract the addendum refers to.
What is the purpose of an addendum in real estate?
A real estate addendum modifies an original lease or purchase agreement. Items in the addendum could reflect a change in the agreed-upon price, what is included in the transfer of property, what improvements must be made before the home is paid for, or any other agreed-upon requests or responsibilities.
uspap pdf
Uniform Residential Appraisal Report
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit
This is a Limited Appraisal written in a. Report format and the USPAP Departure Rule has been invoked as disclosed in the body or addenda of the report. The
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