的 Addendum Concerning Right to 因贷款人评估而终止 (TXR 1948, TREC 49-1) has three options that can change a buyer’s ability to terminate the sales contract because of an appraisal. Remember—the addendum is used only with the 第三方融资增编 (TXR 1901, TREC 40-9) and not used in transactions involving cash 买家 or FHA or VA financing.

的 Addendum Concerning Right to 因贷款人评估而终止 is not necessary if your clients are not interested in modifying their right to terminate due to the lender’s appraisal under the 第三方融资增编.

以下是这三个选项的工作原理:

  1. 豁免

    下 第三方融资增编, the 买家 have the right to terminate if the lender determines the property does not meet underwriting requirements due to a low appraisal. 如果你的客户检查 豁免 on the Addendum Concerning Right to 因贷款人评估而终止, they give up this right to terminate regardless of how far the appraisal is below the sales price. If the lender reduces the amount of the loan because of the low appraisal, the 买家 must cover the difference between the loan and the sales price by bringing additional cash to close.

  2. 部分豁免

    如果你的客户检查 部分豁免, they are also giving up the right to terminate if the appraisal does not meet the lender’s underwriting requirements. 然而, 在这个选择下, the parties can agree on a limit of how low the appraisal can be when the waiver applies. 以下是两种情况:

    • If the appraisal is equal to or greater than the amount written in line 2(ii), the waiver applies and the 买家 cannot terminate. 的 买家 must bring additional cash to close if the lender reduces the loan, 就像上面的选择一样.
    • If the appraisal is lower than the amount in 2(ii), the waiver does not apply and the 买家 may still exercise their right to terminate under the 第三方融资增编.

    Choosing 部分豁免 does not set an upper limit on the amount 买家 will have to pay over the appraisal amount. It simply governs the appraisal amount upon which the buyer gives up the right to terminate.

  3. 附加终止权

    如果你的客户检查 附加终止权, they have an additional right to terminate the contract due to the appraisal that is separate from the right to terminate under the 第三方融资增编. This means the 买家 could terminate under Paragraphs 2A and 2B of the 第三方融资增编 and this paragraph of the Addendum Concerning Right to 因贷款人评估而终止. 下 第三方融资增编, the 买家’ right to terminate only applies if the lender determines that the property does not meet the lender’s underwriting requirements. 然而,当 附加终止权 在 Addendum Concerning Right to 因贷款人评估而终止, 买家 have the right to terminate if the appraisal falls below the amount filled in line 3(i), 不管贷款人的要求如何, provided that the 买家 deliver a copy of the appraisal to the 卖家 along with notice of termination within the number of days listed in Paragraph 3. Make sure your clients consider the appraisal amount they are comfortable with and select a time period that gives the lender enough time to obtain an appraisal.