The Appraisal Rider has been broken down into two separate riders. One to be used with a mortgage contingency and one to be used without.

Watch the video explaining these changes in detail.


Appraisal Rider to be used with a Mortgage Contingency

“Mortgage Contingency; Buyer to Pay Contract Price Regardless of Appraisal ____ (2) Buyer hereby waives the right to terminate the contract in the event the Buyer’s mortgage lender’s appraisal of the Property is an amount less than the purchase price. Mortgage Contingency; Buyer to Pay Contract Price Based on Appraisal ____ (3) Buyer hereby waives the right to terminate the contract in the event the Buyer’s mortgage lender’s appraisal of the Property is an amount less than the purchase price but is equal to or in excess of $_____________ (dollar amount only applies if filled in).”

This language was added to capture scenarios where the appraisal price differs, in either direction, from the contract price in transactions where there is a mortgage contingency. Other language related to cash only transactions was removed.

Appraisal Rider to be used without a Mortgage Contingency

“No Mortgage Contingency: Buyer to Pay Contract Price Regardless of Appraisal _____ (2) Buyer may obtain an appraisal of the Property performed by a licensed real estate appraiser within ___ business days of the signing of the contract. In the event that the appraisal is less than the purchase price, the Buyer hereby waives the right to terminate the contract and agrees to pay the purchase price. No Mortgage Contingency: Buyer to Pay Contract Price Based on Appraisal _____ (3) Buyer may obtain an appraisal of the Property performed by a licensed real estate appraiser within ___ business days of the signing of the contract. In the event that the appraisal is less than the purchase price but is equal to or in excess of $___________ (dollar amount only applies if filled in), the Buyer hereby waives the right to terminate the contract and agrees to pay the purchase price.”

This language was added to capture scenarios where the appraisal price differs, in either direction, from the contract price in transactions where there is not a mortgage contingency. Other language related to lender involved transactions was removed.

Due to the new smoke and carbon monoxide detector law that went into effect on October 1, 2023 the purchase contract has been modified to remove 19(b) which referred to the old law.

Similar to the current Septic/Well Rider this new rider was created to address sewer line inspections.

This form has been modified to change the last line to say, “The Buyer accepts the Seller’s agreement as checked above.” instead of “as stated above” and the bottom was reformatted to make it clear that it's a separate consent.