的 Addendum Concerning Right to Terminate Due to Lender’s Appraisal (TXR 1948) is to be used only when the 第三方融资增编 (TXR 1901)也被使用. It is not to be used in transactions involving FHA or VA financing. 的 addendum has three options that can change a buyer’s ability to terminate because of an appraisal. 下面是它们的工作原理:
1. 豁免
如果你的客户选择了这个选项, she waives her right to terminate if the appraisal doesn’t satisfy the lender’s underwriting requirements. 的 form says if the lender reduces the amount of the loan, the buyer covers the difference between the loan and the sales price. Make sure your client understands the financial consequences.
2. 部分豁免
如果你的客户选择了这个选项, she is waiving her right to terminate only if the appraisal meets or exceeds the amount she selects for the space in (2)(ii). If the appraisal is lower than the amount in (2)(ii), the buyer may terminate if the appraisal doesn’t satisfy the lender’s underwriting requirements. 的 form says if the lender reduces the amount of loan because of the appraisal, and the appraisal is equal to or more than the amount written in (2)(ii), the buyer covers the difference between the loan and the sale price. Your client should carefully choose the amount for the space in (2)(ii).
3. 附加终止权
如果你的客户选择了这个选项, she has an additional right to terminate the contract due to the appraisal in certain circumstances. 例如, she might want an option to terminate if the property does not appraise for a certain amount. Make sure your client carefully considers the appraisal amount she is comfortable with and selects a time period that gives the lender enough time to obtain an appraisal.
This addendum is not required or necessary if your client is not interested in modifying her right to terminate due to the lender’s appraisal.