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Preview of the new Residential Purchase Agreement for California
It's been quite a few years since I was given a seat assignment for a class, and a #2 pencil for the exam. But so it was as 75 of my East Bay colleagues and I filled the Berkeley Assoc. of REALTORS® conference room to be lead through the details of the new RPA which will debut on April 20th. This Berkeley class was the first in the State to be offered, and we were fortunate to have Gov Hutchinson, Assistant General Counsel for CAR, as our instructor.
Some of the changes are primarily changes in format, though some of those will be quite helpful:
Elimination of the city in which the contract is written The Agency section has been moved up to the first page Separation of the buyer's and seller's signatures: they're no longer stacked - YAY! Other changes are much more signficant:
The default for handling of the initial deposit is now that the "Buyer shall deliver deposit directly to Escrow Holder within 3 business days. Agents have no need to be involved with cheques!
Perhaps the largest change that ripples through several items within the contract involves the definition of a day. Once in contract, all deadlines ... more

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