Addendum

TXR 1948 — Addendum Concerning Right to Terminate Due to Lender's Appraisal

This addendum modifies the Buyer's right to terminate the contract based on the lender's appraisal. Under the standard Third Party Financing Addendum (Paragraph 2B), Buyer can terminate if 'Property Approval' (which includes the appraisal) is not obtained. This addendum allows the parties to either

Source: TXR
Form Number: 1948
Category: Addendum
Revised: November 15, 2018

Used For

Residential Sales, Farm & Ranch

Form Outline

The TXR 1948 form is organized into the following sections:

  1. Header and Prerequisite Notice
    Identifies the property and confirms that the Third Party Financing Addendum is attached and the transaction does not involve FHA or VA financing — both prerequisites for using this form.
  2. Waiver
    Full waiver of the Buyer's appraisal contingency. Buyer cannot terminate if the appraisal comes in low. If the lender reduces the loan amount because of a low appraisal, the Buyer must make up the difference in cash.
  3. Partial Waiver
    Partial waiver with a floor value. Buyer waives the appraisal contingency as long as the appraisal comes in at or above a specified dollar amount. If the appraisal is below that amount, Buyer retains the right to terminate under the Third Party Financing Addendum.
  4. Additional Right to Terminate
    Gives the Buyer an additional right to terminate (beyond what the Third Party Financing Addendum already provides) if the appraised value is below a specified amount, within a specified number of days after the Effective Date, provided Buyer delivers a copy of the appraisal to Seller.

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