The Appraisal Contingency In Purchase Agreement is a crucial protection mechanism in U.S. real estate transactions, particularly in markets with volatile property values or when financing is involved. This document becomes necessary when buyers want to ensure the property's value matches the purchase price and meets lender requirements. It typically includes specific timeframes for obtaining the appraisal, procedures for communicating results, and options available to both parties if the appraisal falls short. The contingency must align with state-specific real estate laws and federal regulations while providing clear procedures for resolution.
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1. Parties: Identification of buyer and seller, including full legal names and addresses
2. Background: Context of the purchase agreement and explanation of the appraisal contingency's purpose
3. Definitions: Key terms including 'Appraisal', 'Appraised Value', 'Notice Period', and other relevant definitions
4. Appraisal Requirement: Statement of requirement for professional appraisal, including qualifications of appraiser
5. Timeline: Specific deadlines for obtaining appraisal and providing notice of results
6. Rights and Remedies: Actions available to parties if property doesn't appraise at purchase price, including termination rights
1. Second Appraisal Rights: Optional provision for obtaining a second appraisal, typically used in high-value transactions
2. Price Adjustment Mechanism: Optional process for price negotiation if appraisal is low, used when parties want flexibility
3. Appraiser Selection: Optional process for choosing appraiser, used when parties want specific control over selection
1. Approved Appraiser List: Schedule listing pre-approved appraisers if specified by the parties
2. Appraisal Standards: Appendix detailing specific requirements for appraisal methodology and reporting
3. Notice Forms: Standard forms for providing notice under the contingency, including termination notice
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