Appraisal Addendum: I am suggesting the possibility of including a separate “Appraisal Addendum” for all conventional contracts. The Addendum should provide if the property does not appraise for the purchase price, that the Purchaser and Seller need to negotiate a new price based on the appraisal. There should be a time limit on the negotiation period, and any new negotiated price cannot be less than the appraisal. If the parties cannot agree on a new price, then either Purchaser or Seller reserves the right to terminate the contract. Please contact me at if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
434-973-7474
Tucker@TGBlaw.com
http://www.tgblaw.com/
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