Price to be Fixed by Appraisal Clauses: Contract for Real Property
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How to fill out Price To Be Fixed By Appraisal Clauses: Contract For Real Property?
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FAQ
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.
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.
The seller can then demand that the difference be paid by you, the buyer. If you don't have the extra cash and there is no appraisal contingency, you are in breach of contract and can lose your earnest money deposit.
An example of an appraisal gap is if you want to purchase a property that is on sale for $300,000 and you offer $325,000 with a 5% down payment, as a means of standing out from the crowd. After your offer is accepted, the appraisal comes back at $305,000.
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%?).
Here's an example of an appraisal gap clause as written into a sales contract: ?If the property does not appraise for the purchase price, the buyer agrees to pay up to $20,000.00 above the appraised value, but not to exceed the purchase price.?
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.
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.
