Appraisal Contingency Addendum Template for Canada

1. Price Adjustment Mechanism: Optional section detailing how purchase price adjustments will be calculated if the appraisal comes in lower than purchase price but parties agree to proceed

2. Multiple Appraisal Provision: Optional section for cases where parties agree to obtain multiple appraisals and use an average or specific selection method

3. Appraisal Cost Allocation: Optional section specifying how appraisal costs will be shared or allocated between parties

4. Dispute Resolution: Optional section outlining specific procedures for resolving disputes about the appraisal or its implementation

5. Lender Requirements: Optional section addressing specific requirements of the buyer's lender regarding the appraisal

1. Schedule A - Property Description: Detailed description of the property being appraised, including any specific elements to be included/excluded from valuation

2. Schedule B - Appraisal Requirements: Specific requirements for the appraisal, including required qualifications of the appraiser and methodology to be used

3. Schedule C - Timeline: Detailed timeline for all appraisal-related activities and deadlines

4. Appendix 1 - Approved Appraisers: Optional list of pre-approved appraisers agreed upon by both parties

5. Appendix 2 - Appraisal Forms: Standard forms or templates to be used for notices related to the appraisal contingency