The Appraisal Contingency Addendum is a vital document in Australian real estate transactions, designed to protect both buyers and sellers by making the purchase contingent upon a satisfactory professional property appraisal. This document is particularly crucial in transactions where mortgage financing is involved, as lenders typically require the property's appraised value to meet or exceed the purchase price. The addendum outlines specific conditions, timeframes, and procedures for obtaining and reviewing the appraisal, along with clear provisions for what happens if the property doesn't appraise at the expected value. It must comply with Australian property law, consumer protection legislation, and state-specific requirements for property transactions. The document is commonly used in both residential and commercial property transactions where parties wish to ensure the purchase price aligns with the property's market value.
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1. Parties: Identifies the parties to the addendum, including Buyer, Seller, and reference to the primary Purchase Agreement
2. Background: References the main Purchase Agreement and establishes the purpose of this addendum
3. Definitions: Defines key terms used in the addendum including 'Appraisal', 'Appraised Value', and 'Purchase Price'
4. Appraisal Requirement: States the requirement for a professional appraisal and the minimum value required
5. Timeframe: Specifies the deadline for obtaining and reviewing the appraisal
6. Buyer's Rights: Outlines the buyer's rights if the property appraises below the purchase price
7. Seller's Rights: Details the seller's rights and options if the property appraises below the purchase price
8. Notice Requirements: Specifies how and when notices must be given regarding appraisal results and party decisions
9. Effect on Purchase Agreement: Clarifies how this addendum modifies the original purchase agreement
1. Multiple Appraisal Provisions: Include when parties agree to allow multiple appraisals or a second opinion
2. Price Adjustment Mechanism: Include when parties agree to automatic price adjustments based on appraisal results
3. Specific Lender Requirements: Include when the property must meet specific lender or loan program requirements
4. Cost Allocation: Include when parties need to specify how appraisal costs will be shared or allocated
5. Dispute Resolution: Include when parties want to specify a particular process for resolving disputes about the appraisal
6. Property Access: Include when specific access arrangements for the appraiser need to be detailed
1. Schedule A - Property Details: Detailed description of the property subject to the appraisal
2. Schedule B - Approved Appraisers: List of agreed-upon appraisers or appraisal companies if specified
3. Schedule C - Appraisal Standards: Specific requirements or standards for the appraisal process if any are agreed upon
4. Appendix 1 - Sample Notice Forms: Template forms for giving notice of appraisal results and party decisions
Relevant legal definitions
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Real Estate
Financial Services
Legal Services
Banking
Property Development
Mortgage Lending
Property Investment
Residential Property
Commercial Property
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Risk Management
Contract Administration
Conveyancing
Property Development
Settlement
Transaction Processing
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancer
Property Valuer
Mortgage Broker
Property Manager
Legal Counsel
Contract Administrator
Property Development Manager
Real Estate Transaction Coordinator
Settlement Agent
Compliance Officer
Risk Manager
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