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APPRAISAL CONTINGENCY By Pierre Mouchette | Real Property Experts LLC The following is a contingency that you may wish to add to your offering documentation:
The Buyer may order and pay for an appraisal on the property. If the appraisal value is less than the total price stated in the contract of sale, the Buyer may, within three (3) calendar days of Buyer’s receipt of the appraisal, at the Buyer’s sole option, declare this offer null and void. Buyer is entitled to a return of all deposits, if any, less the appraisal fee and any other escrow expenses or fees chargeable to the Buyer. After that, neither the Buyer, the Seller, nor any real estate brokers shall have any further rights, obligations, or liabilities under this contract. Comments are closed.
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