Appraisal Contingency
A clause in a real estate contract that requires the property to appraise at the sale price or higher. This clause may help secure a mortgage.
- Example : Danielle is purchasing a home from August for $500,000. In the real estate contract, there is an appraisal contingency clause that requires the home to appraise at $500,000 or Danielle may opt out of the purchase and receive her down payment back.
