Illinois Price to be Fixed by Appraisal Clauses: Contract for Real Property
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Description
A clause dictates the conditions under which the contract is legally enforceable and determines the terms of the contract. Contracts often contain boilerplate clauses or standard clauses found across most contracts. These standard clauses do not require a lot of negotiation. Included is a Sample Price to be Fixed by Appraisal Clauses for a Contract for Real Property. An “appraisal gap” is the difference between the appraised value of a home and the purchase price contained in the sales contract. An “appraisal gap clause” may be used in a sales contract to guarantee that the Buyer will cover the monetary gap between the appraisal and the sales contract, if an appraisal gap becomes an issue.
