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.
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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
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
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
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