Rider 8 Fha Financing Clause - Chicago Association Of Realtors
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1RIDER 8
FHA FINANCING CLAUSE
This Contract is Intended to be a Binding Real Estate Contract
Rev. 01/2012
This FHA Financing Clause Rider ("Rider") is made a part of and incorporated into that certain real estate
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contract between ______________________________________________________ ("Buyer") and ____________________
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___________________________ ("Seller") dated ____________________, 20____ ("Contract") for the purchase and
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sale
of:_________________________________________________________________________________________
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("Property").
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(address)
(unit #)
(city)
(state)
(zip)
I.
Except as modified by this Rider, all of the terms and conditions contained in the Contract remain in
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full force and effect. In the event of any conflict between the terms and conditions of this Rider and the terms
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and conditions of the Contract, the terms and conditions of this Rider shall prevail. Capitalized terms used and
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not defined in this Rider shall have the meaning given to such terms in the Contract.
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II.
Seller agrees to deliver to Buyer a written statement issued by the Federal Housing Commissioner or a
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Direct Endorsement Lender setting forth the appraised value of the Property (excluding closing costs) (the
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"Appraised Valuation") on or prior to _______________________, 20___ ("Valuation Contingency Deadline").
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If Seller does not deliver the Appraised Valuation prior to the Valuation Contingency Deadline or if the
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Appraised Valuation is less than the Purchase Price, then Buyer may elect to terminate the Contract by
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delivering written notice to Seller within _____ days after the Valuation Contingency Deadline, in which event
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the CONTRACT SHALL BECOME NULL AND VOID AND OF NO FURTHER FORCE AND EFFECT AND
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THE EARNEST MONEY, INCLUDING ALL INTEREST ACCRUED THEREON, IF ANY, SHALL BE
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RETURNED TO BUYER.
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III.
Any certifications required by the FHA or other governmental authority, including, but not limited to,
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heating, plumbing, electrical, roofing and termite, shall be paid as follows:_________________________________
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________________________________________________________________________________________________________
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________________________________________________________________________________________________________
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Seller agrees to make any repairs or replacements required by the FHA or other governmental authority prior to
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Closing, provided that the cost of such repairs or replacements do not exceed $_______________ ("Cost Cap"). If
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the costs of completing the repairs or replacements exceeds the Cost Cap, then either party may elect to
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terminate the Contract by delivering written notice to the other party within _____ days of the Valuation
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Contingency Deadline, in which event the CONTRACT SHALL BECOME NULL AND VOID AND OF NO
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FURTHER FORCE AND EFFECT AND THE EARNEST MONEY, INCLUDING ALL INTEREST ACCRUED
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THEREON, IF ANY, SHALL BE RETURNED TO BUYER. If neither party delivers written notice in the time
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period specified in the foregoing sentence, then this provision shall be deemed waived, the Contract shall remain
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in full force and effect and Seller and/or Buyer shall have the option of paying for the costs of any repairs or
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replacements which exceed the Cost Cap.
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IV.
Seller and Buyer, certify, to the best of their knowledge and belief, that the terms of the Contract are
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true and that there are no other parties or undisclosed arrangements in connection with this transaction. Seller
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and Buyer acknowledge and agree that (i) the purpose of the Appraised Valuation is to determine the maximum
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mortgage amount that the Department of Housing and Urban Development ("HUD") will insure; (ii) HUD does
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not warrant the value or the condition of the Property; and (iii) Buyer should independently determine whether
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the Purchase Price and the condition of the Property are acceptable to Buyer.
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__________________________________________
___________________________________________
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Buyer's Signature
Date
Seller's Signature
Date
__________________________________________
___________________________________________
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Buyer's Signature
Date
Seller's Signature
Date
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