Q: My customer wants to have an appraisal done. If the property fails to appraise for an acceptable amount, she wishes to have the option to get out of the contract. Is there an appraisal contingency built into the Florida Realtors/Florida Bar Contract?
A: No, there is no clear appraisal contingency built into the core contract. In the event a customer wishes to have the options stated in your question, she should use the Appraisal Addendum. Many people believe (wrongly so) that the language in the contract financing paragraph acts as an appraisal contingency in all cases. The appraisal language in the financing provision is operative only in the event the contract is written to contain a financing contingency, and even then, it would not allow a buyer the right to terminate the contract in the event of a low appraisal.