Legal Question in Real Estate Law in California
I am being asked by my loan broker to sign the �Borrower Appraisal Disclosure�form.
The form explains that I am entitled to receive a copy of the appraisal no later than 3 business days prior to closing.
The form gives me two options�. Option 1: notes that I do not wish to waive those rights to those 3 business days.
Option 2, which the broker checked by the way, without even asking me, has me waive my rights to the 3 business day time frame.
Note: I am about 16 days into a 45-day escrow. I realize not delaying closing is important, but I'm uncomfortable about waiving my rights especially when I believe the appraisal will come in slightly under our offer price.
1 Answer from Attorneys
Don't waive your rights. California is one of those states that allows the borrower to have a copy of the appraisal report. There are more things in an appraisal report than simply just the appraised value. As a buyer, you want to be as informed as much as possible about the property that you are buying.
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