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APPRAISAL CONTINGENCY NOTICE Contract Dated: Buyer: Seller: Escrow Company: Property Address: Buyer has received notice that the Premises has failed to appraise for the sales price and pursuant to
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How to fill out appraisal contingency notice

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How to fill out appraisal contingency notice:

01
Begin by obtaining a copy of the appraisal contingency notice form. This can typically be found online, through your real estate agent, or from your attorney.
02
Review the notice carefully to ensure you understand its purpose and requirements. It is essential to know what specific information is needed and the deadline for submitting the notice.
03
Fill in the date and your name at the top of the notice. Make sure to use your legal name and the correct date to avoid any confusion.
04
Provide the address of the property being appraised. Double-check that the address is accurate and matches the property you are purchasing.
05
Indicate the purchase price or the agreed-upon price of the property. This figure should match the amount stated in your purchase agreement.
06
Specify the date by which the appraisal must be completed. This deadline is typically included in the purchase agreement or may be specified by your lender.
07
If applicable, include any additional terms or conditions related to the appraisal contingency. This could include provisions such as repairs or alterations required as a result of the appraisal.
08
Sign and date the appraisal contingency notice. Make sure to sign using your legal signature and include the current date.

Who needs appraisal contingency notice:

01
Buyers: Buyers who are obtaining a mortgage loan to purchase a property often need an appraisal contingency notice. This notice allows them to back out of the purchase if the property appraises for less than the agreed-upon price.
02
Lenders: Lenders typically require an appraisal report to determine the value of the property before approving a loan. The appraisal contingency notice provides information to the lender regarding the buyer's rights in case of a low appraisal.
03
Real estate agents and attorneys: Real estate professionals, including agents and attorneys, may need the appraisal contingency notice to ensure that the transaction proceeds smoothly and ethically. They can provide guidance and ensure that all necessary paperwork is completed correctly.
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Appraisal contingency notice is a clause included in a real estate contract that allows buyers to back out of the contract if the property does not appraise for the agreed-upon price.
Buyers are typically required to file the appraisal contingency notice.
Buyers should consult with their real estate agent or attorney to properly fill out the appraisal contingency notice.
The purpose of the appraisal contingency notice is to protect buyers from overpaying for a property.
The appraisal contingency notice should include the terms of the contingency, the deadline for appraisal completion, and any required actions in the event of a low appraisal.
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pfrc acn appraise elects acknowledges pursuant APPRAISAL waiver expiration CONTINGENCY Escrow Earnest Waive

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