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Home Q&A Forum Purchase and sale agreement and appraisals?

Real Estate

Purchase And Sale Agreement

Texas

Asked on Sep 8, 2023

Purchase and sale agreement and appraisals?

I recently entered into a Purchase and Sale Agreement for a property I am interested in buying. I understand that appraisals are generally required for a Purchase and Sale Agreement, but I am unsure of how they are conducted and what the process for obtaining an appraisal is. I am looking to better understand the appraisal process in respect to a Purchase and Sale Agreement.

1 Attorney answer

Answer

Real Estate

Texas

Answered 278 days ago

Michael A.

ContractsCounsel verified

Business Lawyer
Licensed in Texas
Free Consultation

An appraisal is merely a professional opinion of value. In regards to a purchase and sale agreement, lenders usually require a 3rd party professional opinion of value of the property being purchased.

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