RPA CONTINUE: Flashcards
- ADDENDA OR ADVISORIES
- OTHER TERMS: ….Mary Clouse is related to buyer -disclose disclose
- allocation of costs- Almost always the seller, however if the seller and buyer refuse to pay for Hazzard -agent must pay
c. escrow is usually 50/50
D. 1. seller should pay county transfer tax
2. seller pay city transfer tax
3.
4.
5.
6 non negotiable
10 seller shall pay , not to exceed ( usually up t0 600 ) for warranty
- ITEMS INCLUDED IN AND EXCLUDED FROM SALE
iTEMS IN mls flyer are NOT included in purchase price or excluded from sale unless specified
YOU MUST WRITE DOWN EVERYTHING YOU WANT. - LEASED OR LIENED ITEMS
Must qualify for leased or leined items( solar) etc, need to let lender know, must communicate
- CLOSING AND POSSESSION
A. buyer intends or does not intend to occupy as primary residence b. seller occupied or vacant, usally at 6:00pm on the date of close
c. Seller remain in possession after close ( need a SIP) agreement if less than 30days
d. Tenant occupied- must be vacant 5 days before or-to close of escrow
- Seller must give all disclosures with in 7 days to buyer -many
d. Megans law data base- you go on and look up
e. pipelines-available to you
f. seller has 7 days to disclose if condo, and copies of all - Condition of property ( seller must have electricity, gas on for inspections)- is AS IS
a. seller shall disclose, buyer can conduct buyer investigations, Buyer is strongly advised to investigate
- Buyers investigation
a. buyers acceptance what inspections can be done, remove contingency by 17 days or do not purchase property. Must give all copies to seller of inspections
13.TITLE AND VESTING
Buyer shall provide a preliminary title
14. time periods
Seller has 7 days to disclose after acceptance, Buyer has 17 to remove contingency on structure, 21 days for loan**buyer shall have access to the property to conduct investigations…
D. seller right to cancel> If buyer doesn’t remove contingencies, after a buyer to perform
If buyer doesn’t deposit money
E. notice to perform, buyer or seller
F. Effect of buyers removal of contingencies
G. close of escrow
H. effect of cancelation- release of funds requires both parties to sign
15. verification of condition.5 days before closing instruct escrow to hold if property needs something-trash removal. copies of repairs
- Remedies for buyers breach of contract:
no more than 3%, increased deposit, both must sign a separate liquidated damages provision incorporating the increased deposit as liquidated damages
- Dispute resolutions;
a. mediation
b. arbitration of disputes** by initialing you agree
23’ brokers to not guarantee vendors - Reporting to MLS sell price
- attorney fees-prevailing may be entitled to fees
26.Buyer assignment
may not assign without sellers obtained consent
- terms and conditions of offer:
This is an offer to purchase property on the above terms and conditions. The liquidated damages paragraph or the arbitration of disputes paragraph is incorporated in this agreement if initialed by all parties or if incorporated in mutual agreement by counter offer. if at least one initial a counter is required until all parties accept. The parties have read and acknowledged receipt of a copy of the offer and agree to to the confirmation of agency relationships. If buyer defaults, buyer may be responsible for brokers compensation
- Time of essence: entire contract, changes; Neither this agreement nor any provision in it may be extended, altered, amended, modified or changed except in writing signed by buyer and seller.
- Definitions
- expiration of offer. give time_____–, day and time
- acceptance of offer. If checked seller sends counter offer or signs to accept
Buyers inspection advisory
By signing below, you acknowledge that they have read and understand , accept and have received copy
California CONSUMER PRIVACY ACT ADVISORY
Must sign that that acknowledge receiving
