Bids and Appraisals; Establishment of Escrow Account. In connection with the work to be performed by the contractor or builder referred to in paragraph (b), at least one bid from an unaffiliated, bona fide contractor and an estimate from a Qualified Appraiser for completing the work shall be obtained. In the case of new construction, the contractor from whom a bid has been obtained must be a person who is unaffiliated with the builder. The bid and the appraiser’s estimate will be compared and the highest figure used as a basis for computing the amount to be placed in the escrow holdback account as set forth below.
Appears in 6 contracts
Samples: Mortgage Origination Agreement, Mortgage Origination Agreement, Mortgage Origination Agreement
