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Frequently Asked Question #5 - How does the RPA Purchase Contract work in California
          CALIFORNIA RPA PURCHASE CONTRACTThe California Residential Purchase Agreement (California Association of Realtors form RPA-CA) is a standard form purchase contract There were significant changesmade in the revised forms released in 4/10 amd 11/10 , with changes in languagein many paragraphs.Initial Offer: The initial offer that a buyer makes to acquire a property is made on the REP-CA standard form Residential Purchase Contract. Some of the important items which must be included in the contract are the following:1. Purchase Price, Financing, and Deposits: The purchase price, the amount of the deposit (usually 1.5 to 3% of the purchase price) and if the deposit is to be made in increments during the contingency period, the amount of the new loan, any secondary financing required, including whether the buyer is requesting that the seller provide financing, and the amount to be funded by the buyer at the close of escrow are all included in the purchase contract. If the buyer wants to make it clear the terms of the new loan required to close escrow, the interest rate, term, etc. may be included. The length of the escrow period shall also be stipulated.
2, Stipulate What Closing Costs to be Paid by Buyer or Seller: Certain closing ... more

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