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.

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 buyers or FHA or VA financing.

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 buyers 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 buyers 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), 豁免适用，买方不能终止. 的 buyers must bring additional cash to close if the lender reduces the loan, 就像上面的选择一样.
    • 如果评估低于2(ii)的金额, the waiver does not apply and the buyers 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 buyers 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 buyers 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 buyers’ 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, buyers 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 buyers deliver a copy of the appraisal to the sellers 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.