According to Utah's Real Estate Purchase Contract, when can a buyer cancel based on appraisal issues?

The buyer can cancel based on appraisal issues specifically before the appraisal deadline as outlined in Utah's Real Estate Purchase Contract. This provision is designed to protect the buyer from proceeding with a purchase if the property is appraised at a value that does not meet the expected price, thereby potentially indicating that the buyer would be overpaying for the property. Before the appraisal deadline, the buyer has the opportunity to review the appraisal results and make decisions about the transaction without penalty, ensuring they have adequate time to respond to any discrepancies in value.

Once the appraisal deadline has passed, the buyer's ability to cancel based on the appraisal generally diminishes, as they are expected to have completed their due diligence by that point. Understanding this timeline is crucial for buyers to effectively manage their purchase process and to avoid any misunderstandings about their rights under the contract.