APPRAISAL CONTINGENCY AND REMOVAL Sample Clauses
The Appraisal Contingency and Removal clause establishes that a real estate transaction is dependent on the property being appraised at or above a specified value, typically the agreed purchase price. In practice, this means that if the appraisal comes in lower than expected, the buyer may have the right to renegotiate the price, request repairs, or even cancel the contract without penalty. This clause protects buyers from overpaying for a property and ensures that their financing is not jeopardized by a low appraisal, thereby reducing financial risk and uncertainty in the transaction.
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APPRAISAL CONTINGENCY AND REMOVAL. This Agreement is (or, if checked, £ is NOT) contingent upon the Property appraising at no less than the specified purchase price. Buyer shall, as specified in paragraph 18, remove the appraisal contingency or cancel this Agreement when the loan contingency is removed (OR, if checked, £ within 17 (or £ _____) Days After Acceptance).
APPRAISAL CONTINGENCY AND REMOVAL. This Agreement is (OR, if checked, [ ] is NOT) contingent upon the Property appraising at no less than the specified purchase price, if there is a loan contingency, at the time the loan contingency is removed (or, if checked, [ ] within 17 (or ) Days After Acceptance), Buyer shall, as specified in paragraph 17, remove the appraisal contingency or cancel this Agreement. If there is no loan contingency, Buyer shall, as specified in paragraph 17, remove the appraisal contingency within 17 (or 30 ) Days After Acceptance.