The California Residential Purchase Agreement is 10 pages long, filled with dense, legal language. When explaining the contract to buyers, I do emphasize 3 Essential Points of the California Residential Purchase Contract to my San Diego Home Buyers.
1. Although a a buyer should write a purchase offer with the most serious of intents, the writing of the offer is not in and of itself legally binding. This often calms the nerves of nervous, first time home buyers. The offer only becomes binding when it is signed by the home seller.
2. Unless changed, the California home buyer has 17 days to back out of the contract for any reason and receive his or her deposit back.
3. Once contingencies are removed, the contract is legally binding. That means that the buyer MUST close the sale. Failure to do so will result in exposure to litigation and forfeit of the deposit.
California Home Buyers should absolutely read the entire contract because it contains many important details. I have found however that these 3 Essential Points of the California Purchase Contract do bring home buyers come comfort and clarity when writing their offers.
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