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2015 GAR & RE Contract Guidelines GAR PurchaseandSaleAgreementREContractforPurchaseandSaleAddressAddressLegal DescriptionLegalDescriptionPurchasePrice(Cash)Purchase Price(Cash)EarnestMoneyEarnestMoneyClosingCostsContribution(from

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How to fill out 62 appraisal contingency

01

Obtain a copy of the 62 appraisal contingency form from your local real estate association or a real estate attorney.

02

Carefully read through the form to understand its contents and requirements.

03

Fill out the necessary information, such as the names of the buyer and seller, property address, and any relevant dates.

04

Attach any supporting documentation that may be required, such as recent property appraisals or inspection reports.

05

Review the completed form to ensure all information is accurate and complete.

06

Sign and date the form, making sure both the buyer and seller have done so if necessary.

07

Deliver a copy of the filled-out form to the other party involved in the transaction.

08

Keep a copy of the completed form for your records.

Who needs 62 appraisal contingency?

01

Buyers who want to protect themselves from purchasing a property that is overpriced or overvalued

02

Buyers who wish to have an opportunity to renegotiate the price or terms of the purchase agreement based on a low appraisal

03

Buyers who want to ensure that the appraised value of the property meets the lender's requirements for mortgage approval

04

Buyers who are concerned about the risk of buying a property that may not appraise for the agreed-upon purchase price

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What is 62 appraisal contingency?

62 appraisal contingency is a clause in a real estate contract that allows a buyer to back out of a purchase if the property does not appraise for the agreed-upon price.

Who is required to file 62 appraisal contingency?

Buyers are typically required to include a 62 appraisal contingency in their offer when purchasing a home.

How to fill out 62 appraisal contingency?

To fill out a 62 appraisal contingency, buyers should work with their real estate agent or attorney to make sure all necessary information is included.

What is the purpose of 62 appraisal contingency?

The purpose of a 62 appraisal contingency is to protect buyers from overpaying for a property that does not appraise at the agreed-upon price.

What information must be reported on 62 appraisal contingency?

The 62 appraisal contingency should include the agreed-upon purchase price, the deadline for the appraisal to be completed, and the buyer's rights if the property does not appraise.

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