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Appraisal Contingency Exhibit (Residential)This Exhibit is attached to and made a part of the contract for purchase and sale of real property (the Contract) with an Offer Date of ___, 20___ and relating

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How to fill out how an appraisal contingency

01

Obtain a real estate agent who is experienced in handling appraisal contingencies.

02

Once you find a property you want to purchase, make sure to include an appraisal contingency clause in your purchase agreement.

03

Arrange for a professional appraiser to evaluate the property and determine its market value.

04

Review the results of the appraisal and decide if you are satisfied with the value. If not, you can request a second appraisal or negotiate with the seller.

05

If the property appraises for less than the purchase price, you can choose to back out of the deal without penalty or renegotiate the terms with the seller.

Who needs how an appraisal contingency?

01

Buyers who want to protect themselves from overpaying for a property.

02

Buyers who are financing their purchase with a mortgage and need the property to appraise at or above the loan amount.

03

Buyers who want to have an out in case the property does not appraise for the agreed upon purchase price.

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What is how an appraisal contingency?

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

Who is required to file how an appraisal contingency?

The buyer is typically the party required to include an appraisal contingency in the contract.

How to fill out how an appraisal contingency?

The appraisal contingency should be included in the purchase agreement and clearly outline the conditions under which the buyer can walk away from the deal.

What is the purpose of how an appraisal contingency?

The purpose of an appraisal contingency is to protect the buyer from overpaying for a property that is not worth the agreed-upon price.

What information must be reported on how an appraisal contingency?

The appraisal contingency should specify the appraised value that the property must meet for the buyer to proceed with the purchase.

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