The Appraisal Contingency Only Exists If You Check the Box

In OREF 001 – Residential Real Estate Sale Agreement it’s important to remember that the failure to select either the yes or no box following the question in Section 3 – Financing Type, “Is this transaction contingent upon an appraisal?” will result in there being no appraisal contingency included as part of the transaction.  Agents should always check one of the boxes to protect the buyer and clearly indicate to the seller the buyer’s intentions regarding an appraisal. 

All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made for general purposes. Each Forms subscriber must rely solely upon their Principal broker or personal legal counsel for specific advice and instruction. You and your client should independently confirm that the Form(s) you use are legally suitable for the purposes intended and that they are current with respect to all laws and regulations.