The Appraisal Contingency Addendum is a crucial document in Canadian real estate transactions, typically used when a buyer needs to ensure that the property's appraised value meets or exceeds the purchase price, often to satisfy mortgage lending requirements. This document becomes particularly important in markets with volatile property values or when there are concerns about property valuation. The addendum outlines specific conditions regarding the appraisal process, timeframes, and the rights and obligations of both parties if the property doesn't appraise as expected. It must comply with provincial real estate laws, federal mortgage regulations, and professional appraisal standards. The document is designed to protect both buyer and seller interests while providing clear procedures for resolving valuation-related issues in the transaction.
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1. Parties: Identification of the buyer, seller, and reference to the original purchase agreement
2. Background: Reference to the original purchase agreement and the purpose of this addendum
3. Definitions: Key terms used in the addendum including 'Appraisal', 'Appraised Value', 'Purchase Price', and 'Contingency Period'
4. Appraisal Requirement: Details of the required appraisal, including who will obtain it and the timeline
5. Contingency Terms: Specific conditions regarding the minimum appraised value required and relationship to purchase price
6. Notice Requirements: Procedures and timelines for notifying the other party about the appraisal results
7. Buyer's Rights and Remedies: Options available to the buyer if the property doesn't appraise at the required value
8. Seller's Rights and Remedies: Options available to the seller, including right to reduce price or terminate if buyer exercises contingency
9. Time Periods: Specific deadlines for completing the appraisal and exercising rights under the contingency
10. Integration: Statement that this addendum becomes part of the original purchase agreement
11. Governing Law: Confirmation that the addendum is governed by applicable Canadian provincial laws
1. Price Adjustment Mechanism: Optional section detailing how purchase price adjustments will be calculated if the appraisal comes in lower than purchase price but parties agree to proceed
2. Multiple Appraisal Provision: Optional section for cases where parties agree to obtain multiple appraisals and use an average or specific selection method
3. Appraisal Cost Allocation: Optional section specifying how appraisal costs will be shared or allocated between parties
4. Dispute Resolution: Optional section outlining specific procedures for resolving disputes about the appraisal or its implementation
5. Lender Requirements: Optional section addressing specific requirements of the buyer's lender regarding the appraisal
1. Schedule A - Property Description: Detailed description of the property being appraised, including any specific elements to be included/excluded from valuation
2. Schedule B - Appraisal Requirements: Specific requirements for the appraisal, including required qualifications of the appraiser and methodology to be used
3. Schedule C - Timeline: Detailed timeline for all appraisal-related activities and deadlines
4. Appendix 1 - Approved Appraisers: Optional list of pre-approved appraisers agreed upon by both parties
5. Appendix 2 - Appraisal Forms: Standard forms or templates to be used for notices related to the appraisal contingency
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