Get Appraisal Contingency Addendum

The Appraisal Contingency Addendum is a crucial document in real estate transactions, ensuring that the buyer's offer is contingent on an appraisal being conducted. This guide provides a clear, step-by-step approach to completing this form online, empowering you to navigate the process effectively.

Follow the steps to fill out the Appraisal Contingency Addendum seamlessly.

1. Click ‘Get Form’ button to obtain the Appraisal Contingency Addendum and open it in your preferred editor.
2. In the addendum, fill in the date and the number designated for this particular addendum in the spaces provided.
3. Next, input the names of the buyer and seller as specified in the Contract of Sale.
4. Specify the property known as by entering its details in the designated area.
5. Indicate the days within which the buyer must order the appraisal, filling in the blank with the appropriate number.
6. If the appraised value is less than the purchase price, the buyer must complete the section indicating how they intend to proceed, either by stating their decision to go forward with the purchase or by requesting a reduction in the purchase price.
7. If applicable, the seller must then respond within the time frame given whether they agree to reduce the purchase price. Enter the appropriate days in the specified area.
8. If the seller declines or fails to respond, the buyer has a set number of days to decide whether to declare the contract null and void or to agree to proceed with the purchase at the existing price. Fill these days in the required field.
9. Finally, have all parties involved sign and date the document in the designated signature sections.

Complete your documentation online to ensure a smooth real estate transaction.