Common use of Appraisal Contingency Clause in Contracts

Appraisal Contingency. □ This Agreement is NOT contingent upon an appraisal (“Appraisal”) of the Property; or □ Buyer’s obligation to purchase the Property is contingent upon the Property appraising for not less than the Purchase Price. Within days (21 days if not filled in) of the Effective Date (the “Appraisal Contingency Period”), Buyer agrees to obtain an Appraisal of the Property by a licensed appraiser. If after the completion of the Appraisal, Buyer receives written notice from the lender or the appraiser that the Property has appraised for less than the Purchase Price, then Buyer may waive this Appraisal Contingency or terminate this Agreement by providing written notice to Seller, together with a copy of the Appraisal within the Appraisal Contingency Period (such notice being herein called the “Appraisal Contingency Termination Notice”). In the event that Buyer timely exercises such termination right during the Appraisal Contingency Period, this Agreement shall automatically terminate, and Buyer shall receive a return of the Deposit and the parties will have no further rights or obligations under this Agreement (except those that expressly survive termination). In the event that Buyer shall fail to have delivered the Appraisal Contingency Termination Notice to Seller before the expiration of the Appraisal Contingency Period, Buyer shall be deemed to have waived the Appraisal Contingency and shall have no further right to terminate this Agreement pursuant to this Section.

Appraisal Contingency. □ □ ________ This Agreement is NOT contingent upon an appraisal (“Appraisal”) of the Property; or □ Buyer’s obligation to purchase the Property is contingent upon the Property appraising for not less than the Purchase Price. Within days (21 days if not filled in) of the Effective Date (the “Appraisal Contingency Period”), Buyer agrees to obtain an Appraisal of the Property by a licensed appraiser. If after the completion of the Appraisal, Buyer receives written notice from the lender or the appraiser that the Property has appraised for less than the Purchase Price, then Buyer may waive this Appraisal Contingency or terminate this Agreement by providing written notice to Seller, together with a copy of the Appraisal within the Appraisal Contingency Period (such notice being herein called the “Appraisal Contingency Termination Notice”). In the event that Buyer timely exercises such termination right during the Appraisal Contingency Period, this Agreement shall automatically terminate, and Buyer shall receive a return of the Deposit and the parties will have no further rights or obligations under this Agreement (except those that expressly survive termination). In the event that Buyer shall fail to have delivered the Appraisal Contingency Termination Notice to Seller before the expiration of the Appraisal Contingency Period, Buyer shall be deemed to have waived the Appraisal Contingency and shall have no further right to terminate this Agreement pursuant to this Section.

Appraisal Contingency. □ □ This Agreement is NOT contingent upon an appraisal (“Appraisal”) of the Property; or □ Buyer’s obligation to purchase the Property is contingent upon the Property appraising for not less than the Purchase Price. Within days (21 days if not filled in) of the Effective Date (the “Appraisal Contingency Period”), Buyer agrees to obtain an Appraisal of the Property by a licensed appraiser. If after the completion of the Appraisal, Buyer receives written notice from the lender or the appraiser that the Property has appraised for less than the Purchase Price, then Buyer may waive this Appraisal Contingency or terminate this Agreement by providing written notice to Seller, together with a copy of the Appraisal within the Appraisal Contingency Period (such notice being herein called the “Appraisal Contingency Termination Notice”). In the event that Buyer timely exercises such termination right during the Appraisal Contingency Period, this Agreement shall automatically terminate, and Buyer shall receive a return of the Deposit and the parties will have no further rights or obligations under this Agreement (except those that expressly survive termination). In the event that Buyer shall fail to have delivered the Appraisal Contingency Termination Notice to Seller before the expiration of the Appraisal Contingency Period, Buyer shall be deemed to have waived the Appraisal Contingency and shall have no further right to terminate this Agreement pursuant to this Section.