Common use of Appraisal Requirements Clause in Contracts

Appraisal Requirements. BUYER and SELLER understand that the appraisal conducted on behalf of the lender, VA, FHA or FMHA may require certain repairs, modifications or improvements in the Property prior to the Closing Date in order for it to meet minimum standards of eligibility for financing. SELLER agrees to pay up to the amount specified in Paragraph 4(k) to satisfy any such requirements. If the cost of satisfying the requirements exceeds the amount specified in this paragraph, SELLER, BUYER or both may pay any portion of the excess amount. If SELLER and BUYER cannot agree upon payment of the excess amount, this Contract shall be canceled ad the Xxxxxxx Money returned to BUYER.

Appraisal Requirements. BUYER and SELLER understand that the appraisal conducted on behalf of the lender, VA, FHA or FMHA may require certain repairs, modifications or improvements in the Property prior to the Closing Date in order for it to meet minimum standards of eligibility for financing. SELLER XXXXXX agrees to pay up to the amount specified in Paragraph 4(k) to satisfy any such requirements. If the cost of satisfying the requirements exceeds the amount specified in this paragraph, SELLER, BUYER or both may pay any portion of the excess amount. If SELLER and BUYER cannot agree upon payment of the excess amount, this Contract shall be canceled ad the Xxxxxxx Money returned to BUYER.