Contracts
A Wisconsin contingency for 'satisfactory appraisal' means the purchase is conditioned on:
AThe property appraising at exactly the purchase price
BThe property appraising at or above the purchase price (or at the amount specified in the contingency)✓ Correct
CThe appraisal being completed within 30 days
DThe appraisal being performed by a DSPS-licensed appraiser
Explanation
An appraisal contingency typically makes the purchase contingent on the property appraising at or above the agreed purchase price; if it appraises below, the buyer may renegotiate or void the contract.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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