Appraisal Contingency Addendum to Agreement of Sale
Form ACA
Using the Appraisal Contingency Addendum
The Appraisal Contingency Addendum to Agreement of Sale (Form ACA) is to be used when the parties wish to make the agreement contingent upon the property appraising at a certain value. By using either option given in Form ACA, the parties can decide what will happen if the appraisal doesn’t reach a specified value.
Form ACA works with the mortgage contingency in the Agreement of Sale. A sale that is contingent upon the lender providing financing may not reach closing if the lender is not satisfied with the appraised value.
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The specific words of a contract create a binding legal relationship between the parties, so it’s important to know exactly what those words are to best represent your clients and your brokerage.
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Appraisal Contingency Addendum Changes
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