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Appraisal Contingency Clauses: Contract for Real Property

Appraisal Contingency Clause

Name: Appraisal Contingency Clauses: Contract for Real Property
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.82 (364 reviews)

Category:

Contracts - Clauses

State:

Multi-State

Control #:

US-C-CL-505-1

Format:

Instant download

Description

Sample of Appraisal Contingency Clause to be used for a Contract for Real Property. A contingency clause defines a condition or action that a real estate contract must meet to become binding. The contingency becomes part of a binding sales. Appraisal Contingency Clauses: Contract for Real Property are clauses included in real estate contracts that state that the buyer has the right to back out of the contract if the property's appraised value is less than the purchase price. This clause gives the buyer protection in case the property is overpriced. There are two types of Appraisal Contingency Clauses: Contract for Real Property: 1. Contingent on Appraisal Clause: This clause states that the buyer has the right to terminate the contract if the appraised value of the property is lower than the purchase price. 2. Financing Contingency Clause: This clause states that the buyer has the right to terminate the contract if the buyer is unable to obtain financing for the purchase of the property.

Appraisal Contingency Clauses: Contract for Real Property are clauses included in real estate contracts that state that the buyer has the right to back out of the contract if the property's appraised value is less than the purchase price. This clause gives the buyer protection in case the property is overpriced. There are two types of Appraisal Contingency Clauses: Contract for Real Property: 1. Contingent on Appraisal Clause: This clause states that the buyer has the right to terminate the contract if the appraised value of the property is lower than the purchase price. 2. Financing Contingency Clause: This clause states that the buyer has the right to terminate the contract if the buyer is unable to obtain financing for the purchase of the property.

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FAQ

Contingencies can include details such as the time frame (for example, ?the buyer has 14 days to inspect the property?) and specific terms (such as, ?the buyer has 21 days to secure a 30-year conventional loan for 80% of the purchase price at an interest rate no higher than 4.5%?).

A contingency clause should clearly outline what the condition is, how the condition is to be fulfilled, and which party is responsible for fulfilling it. The clause should also provide a timeframe and what happens if the condition is not met.

An appraisal contingency clause is a provision included in purchase contracts that allows homebuyers to back out of their contract if a home is appraised for less than the purchase price included in the contract.

Contingency contracts target undesirable behaviors and conditions while helping a person achieve better outcomes. For instance, a parent can enter a contingency contract with a child that does not finish his or her homework on time. The child can agree to finish his or her homework before supper.

A contingency is a condition that needs to be met before an offer can proceed. In other words, it's kind of like a safety net. Therefore, an appraisal contingency means that if your home doesn't appraise for the amount you've agreed to pay, you can walk away from the deal with your deposit.

CONTINGENCY: This offer is accepted contingent upon BUYER selling their real property located at (Address) (City) , with in days (contingency period) from acceptance of this offer, or any written extensions thereof signed by BUYER and SELLER.

Options that could make an offer more attractive include offering more than the asking price, offering a larger Earnest Money Deposit than requested, letting the sellers choose the closing date, picking up the sellers closing costs and limiting the time period for your house to sell.

As an appraisal contingency example, if you agree to buy a home for $200,000, but the appraised value comes in at only $190,000, the lender will not give you a loan for the property unless you cover the difference.

More info

An appraisal contingency clause is a condition built into a real estate contract that gives the buyer the right to walk away from the transaction if the appraised value of the property is lower than the agreed-upon purchase price. An appraisal contingency gives the buyer the right to back out if a professional property appraisal comes in lower than a specified minimum.Most real estate sales contracts will have an "appraisal contingency" written into the details. An appraisal contingency is language that states that the appraised value must be the purchase price or higher. A contingency contract in real estate is a conditional purchase agreement with stipulations that must be met to complete the sale. An appraisal contingency protects buyers of real estate and is used to guarantee that a property is valued at a specific amount. This piece of the real estate contract states that the buyer will only purchase the home if the appraisal is equal to or above the sales price. An appraisal contingency is a clause in a purchase contract that states that the buyer's offer is dependent on an appraisal's results. The appraisal contingency is one of the most common contingencies you'll find in a real estate contract. ' Appraisal contingencies protect buyers in case the house is appraised for less than its sales price.

Appraisal Contingency Clause

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