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Appraisal Contingency Addendum for the United States

Appraisal Contingency Addendum Template for United States

An Appraisal Contingency Addendum is a legal document used in United States real estate transactions that provides protection for buyers by making the purchase contract contingent upon the property appraising at or above the agreed-upon purchase price. This document outlines the terms, conditions, and timeframes related to the appraisal process, and specifies the rights and obligations of both parties if the property fails to appraise at value. It complies with federal and state-specific real estate laws and typically includes provisions for potential price renegotiation or contract termination.

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What is a Appraisal Contingency Addendum?

The Appraisal Contingency Addendum serves as a crucial protection mechanism in U.S. real estate transactions, particularly in financed purchases where lenders require property appraisals. This document becomes necessary when buyers want to ensure they're not contractually obligated to purchase a property for more than its appraised value. The addendum typically includes specific timeframes for completing the appraisal, procedures for handling low appraisals, and conditions under which the buyer may terminate the contract or renegotiate the price. It's particularly relevant in volatile market conditions or when there are concerns about property valuation.

What sections should be included in a Appraisal Contingency Addendum?

1. Identification of Parties: Names and details of buyer, seller, and lending institution

2. Property Description: Legal description and address of subject property

3. Appraisal Requirement: Statement of requirement for professional appraisal

4. Contingency Terms: Specific conditions under which the contract may be terminated based on appraisal

5. Timeframes: Deadlines for appraisal completion and related actions

What sections are optional to include in a Appraisal Contingency Addendum?

1. FHA/VA Requirements: Additional requirements if government-backed financing is involved

2. Second Appraisal Rights: Terms for requesting a second appraisal

3. Repair Requirements: Conditions related to required repairs identified in appraisal

What schedules should be included in a Appraisal Contingency Addendum?

1. Appraisal Report Form: Standard form to be used for appraisal reporting

2. Property Condition Exhibit: Documentation of property condition at time of contract

3. Timeline Schedule: Detailed schedule of appraisal-related deadlines and responsibilities

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Cost

Free to use
Clauses




















Industries

Dodd-Frank Act: Federal legislation that reformed financial regulation and included provisions affecting real estate appraisals, particularly regarding appraiser independence and regulation of financial institutions

TILA (Truth in Lending Act): Federal law requiring lenders to provide standardized disclosures about credit and loan terms, including those related to appraisals and their impact on loan terms

RESPA (Real Estate Settlement Procedures Act): Federal law governing real estate settlement processes, including requirements for appraisal disclosure and fee transparency

ECOA (Equal Credit Opportunity Act): Federal law prohibiting discrimination in credit transactions, including the provision and use of appraisals in lending decisions

State Real Estate Laws: Varying state-specific regulations governing real estate transactions, contracts, and appraisal requirements that must be incorporated into the contingency addendum

USPAP (Uniform Standards of Professional Appraisal Practice): Professional standards for real estate appraisers that set guidelines for appraisal development and reporting

FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act): Federal law establishing regulatory oversight of real estate appraisals and setting minimum standards for appraisers

Interagency Appraisal Guidelines: Federal guidelines providing standards for regulated financial institutions regarding real estate appraisals and evaluations

State Board of Appraisers Requirements: State-specific regulations governing appraiser certification, licensing, and professional conduct requirements

Consumer Protection Laws: Both federal and state laws designed to protect consumers in real estate transactions, including requirements for fair and accurate appraisals

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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