Fillable RE/MAX Realty Associates APPRAISAL FOR FINANCING CONTINGENCY ADDENDUM (Midwest Real Estate Data)

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RE/MAX Realty Associates APPRAISAL FOR FINANCING CONTINGENCY ADDENDUM (Midwest Real Estate Data)

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RE/MAX Realty Associates
APPRAISAL FOR FINANCING CONTINGENCY
ADDENDUM
Th
e Residential Sales Contract (the Contract) between the undersigned for the sale of the
Premises commonly known as _____________________________, in Champaign County, Illinois,
for $_________________________ (the PURCHASE PRICE) is hereby amended by the addition of
following terms, which shall be considered a part of the Contract.
Bu
yers’ purchase is subject to the financing contingency in paragraph 15 of the Contract. In
connection with Buyers’ financing application, Buyers’ lender, at Buyers’, expense, may require
a written appraisal of the subject premises. Said appraisal must be performed by an Illinois
certified appraiser of residential property on or before ____________________________________.
If the appraisal value is less than $______________________, (the APPRAISAL LOWER
LIMIT) Buyers may terminate this contract by written notice of termination along with a copy of
the appraisal which notice of termination and appraisal shall be delivered to the Sellers within
five (5) days of the date specified above.
If
the appraisal value is equal to or greater than the APPRAISAL LOWER LIMIT or in the
event the Buyers fail to deliver a termination notice and appraisal as provided above, the Buyers
shall proceed with the sale at the PURCHASE PRICE and the Buyers may not terminate the
Contract because of their inability to obtain financing based on the appraisal value. BUYERS
UNDERSTAND AND AGREE UNDER SUCH CIRCUMSTANCES THEY SHALL PAY ANY
ADDITIONAL DOWN PAYMENT OR OTHER AMOUNTS AT CLOSING AS MAY BE
REQUIRED TO PURCHASE THE PROPERTY AT THE PURCHASE PRICE,
NOTWITHSTANDING THE SPECIFIC TERMS STATED IN PARAGRAPH 15 A OF THE
CONTRACT.
The remaining provisions of the Contract not inconsistent with the terms of this
Amendment remain in full force and effect.
BU
YERS SELLERS
____
___________________________ ______________________________
_______________________________ _______________________________
Dated: ________________________ Dated: _______________________
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REMAX Realty Associates APPRAISAL FOR FINANCING CONTINGENCY ADDENDUM (Midwest Real Estate Data)

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Completed 31 March 2022

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