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Your Guide to the California Residential Purchase Agreement

Your Guide to theCalifornia ResidentialPurchase Agreement & Related FormsPublished and distributed by REAL ESTATE BUSINESS SERVICES, INC. a subsidiary of the California ASSOCIATION OF REALTORS 525 S. Virgil Avenue, Los Angeles, CA 90020 (213) 739-8227 FAX (213) 480-0864 PROTECTION AGREEMENTThe California ASSoCiATion oF rEALTorS ( ) stands behind its covered publications* by assisting the user of such publications in defense of any claim, on appeal, that any pre-printed provision of the latest version of the covered publication is unlawful. This Agreement applies only to the latest version of the publications used in property transactions in California by rEALTorS who have obtained or purchased the publications consistent with s copyrights and from a authorized distributor.

Agreement and Joint Escrow instructions (rPA) and related addenda. The purchase agreement and related addenda contain the essential terms for the formation of a real estate contract. A copy of the rPA and the addenda referenced within it, and others, can ... then the Vacant Land Purchase Agreement (C.A.r. form VLPA) is more appropriate.

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Transcription of Your Guide to the California Residential Purchase Agreement

1 Your Guide to theCalifornia ResidentialPurchase Agreement & Related FormsPublished and distributed by REAL ESTATE BUSINESS SERVICES, INC. a subsidiary of the California ASSOCIATION OF REALTORS 525 S. Virgil Avenue, Los Angeles, CA 90020 (213) 739-8227 FAX (213) 480-0864 PROTECTION AGREEMENTThe California ASSoCiATion oF rEALTorS ( ) stands behind its covered publications* by assisting the user of such publications in defense of any claim, on appeal, that any pre-printed provision of the latest version of the covered publication is unlawful. This Agreement applies only to the latest version of the publications used in property transactions in California by rEALTorS who have obtained or purchased the publications consistent with s copyrights and from a authorized distributor.

2 This Agreement means solely that will argue that the contents of the covered publications are lawful, or that they accurately reflect the statutory, regulatory or governmentally-approved version of the publication, through an amicus curiae brief on appeal, or will provide funding for that portion of the appeal attributable to the lawfulness of the publication, or both, in the discretion of the Legal Action Fund Trustees. of course, this does not apply to the manner in which a person provides a publication or uses it in a transaction but rather to the lawfulness of the pre-printed content of the publication itself.*Covered publications include only those written by and those required or permitted to be given in transactions by statute, where the language of the booklet is mandated by statute, regulation or government agency.

3 Covered publications do not include those publications written by outside authors that may be distributed by 2005-2014, California Association of rEALTorS . Published by real Estate Business Services, inc., a subsidiary of The California Association of rEALTorS , 525 S. Virgil Avenue, Los Angeles, CA 90020. All rights reserved. no part of this book may be reproduced by any means, electronic or mechanical, without advance written permission from the publication is designed to provide accurate and authoritative information in regard to the subject matter covered. it is published with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. if legal advice or other expert assistance is required, the services of a competent professional person should be.

4 1I. Examining the Contract - Point for Point (RPA-CA page 1) 1. 2. Agency .. 6 3. Financing ..7II. Examining the Contract - Point for Point (RPA-CA page 2) 3. Financing (continued)..13 4. Sale of Buyer s 5. Addenda and 6. other Terms ..19 7. Allocation of Examining the Contract - Point for Point (RPA-CA page 3)7. Allocation of Costs (continued)..228. items included in and Excluded from Purchase Examining the Contract - Point for Point (RPA-CA page 4)9. Closing and Possession ..2710. Statutory Disclosures (including Lead-Based Paint Hazard Disclosures) and Cancellation rights ..29V. Examining the Contract - Point for Point (RPA-CA page 5)10. Statutory Disclosures (including Lead-Based Paint Hazard Disclosures) and Cancellation rights (continued)..2911. Condition of Buyer s investigation of Property and Matters Affecting Property.

5 3813. Title and Examining the Contract - Point for Point (RPA-CA page 6)13. Title and Vesting (continued)..4314. Time Periods; removal of Contingencies; Cancellation rights ..4315. repairs ..48 VII. Examining the Contract - Point for Point (RPA-CA page 7)16. Final Verification of Prorations of Property Taxes and other items ..49 CONTENTS18. representative joint escrow instructions to escrow Holder ..52 VIII. Examining the Contract - Point for Point (RPA-CA page 8)20. joint escrow instructions to escrow Holder (continued) ..5521. remedies for Breach of Dispute Examining the Contract - Point for Point (RPA-CA page 9)23. Selection of Service Multiple Listing Service ( MLS )..6125. Attorney Fees .. 6126. Equal Housing Terms and Conditions of Time of Essence; Entire Contract; Definitions.

6 6331. Expiration of Examining the Contract - Point for Point (RPA-CA page 10)32. Acceptance of Regarding Real Estate Agency Relationship (AD) ..71 Confirmation of Real Estate Agency Relationships (AC) ..74 Possible Representation of More Than One Buyer or Seller Disclosure and Consent (PRBS) ..76 Possible Representation of More Than One Buyer - Disclosure and Consent (PRMB)..76 Possible Representation of More Than One Seller - Disclosure and Consent (PRMS)..76 Seller Financing Addendum and Disclosure (SFA) ..80 Increased Deposit/Liquidated Damages Addendum (RID)..86 Assumed Financing Addendum (AFA) ..88 FHA or VA Notice and Addendum (FVA)..90 FHA/VA Amendatory Clause (FVAC)..92 Contingency for Sale of Buyer s Property (COP) ..94 Seller s Purchase of Replacement Property (SPRP).

7 96 Addendum (ADM) ..98 Back-Up Offer Addendum (BUO)..100 Court Confirmation Addendum (CCA) ..102 Short Sale Addendum (SSA) ..104 Septic Inspection, Well Inspection, Property Monument and Allocation of Cost Addendum (SWPI)..107 Buyer s Inspection Advisory (BIA) ..110 Probate Advisory (PAK)..112 Statewide Buyer and Seller Advisory (SBSA)..115 Trust Advisory (TA) ..128 REO Advisory (REO)..131 Short Sale Information and Advisory (SSIA)..134 Notice of Private Transfer Fee (NTF) ..139 Seller In Possession Addendum (SIP) ..141 Residential Lease After Sale (RLAS) ..143 Interim Occupancy Agreement (IOA)..149 Tenant In Possession Addendum (TIP)..156 Lead-Based Paint and Lead-Based Paint Hazards Disclosure, Acknowledgement and Addendum for Pre-1978 Housing (FLD)..158 Real Estate Transfer Disclosure Statement (TDS).

8 161 Water Heater and Smoke Detector Statement of Compliance (WHSD) ..165 Natural Hazard Disclosure Statement (NHD) ..167 Seller Property Questionnaire (SPQ) ..170 Supplemental Statutory and Contractual Disclosures (SSD)..175 Agent Visual Inspection Disclosure (AVID) ..177 Seller s Affidavit of NonForeign Status and/or California Withholding Exemption (AS)..181 Buyer s Affidavit (AB)..181 Qualified Substitute Declaration of Possession of Transferor s Affidavit of Nonforeign Status (QS)..181 Homeowner Association Information Request (HOA)..186 Notice of Nonresponsibility (NNR) ..189 Contingency Removal (CR) ..191 Cancellation of Contract, Release of Deposit and joint escrow instructions (CC) ..193 Notice to Seller to Perform (NSP) ..195 Buyer s Inspection Elections (BIE) ..197 Buyer s Inspection Waiver (BIW).

9 199 Market Conditions Advisory (MCA)..199 Request for Repair (RR) ..203 Seller Response and Buyer Reply to Request for Repair (RRRR)..205 Notice to Buyer to Perform (NBP)..207 Demand to Close escrow (DCE) ..209 Buyer Demand For Release of Deposit (BDRD)..211 Seller Demand For Release of Deposit (SDRD) ..211 Verification of Property Condition (VP)..214 Notice of Your Supplemental Property Tax Bill (SPT) ..216 Representative Capacity Signature Addendum (RCSA)..218 Assignment of Agreement Addendum (AOAA) ..220 Additional Signature Addendum Agreement (ASA) ..222 Confidentiality and Non-Disclosure (CND) ..224 Electronic Signature Verification For Third Parties (ESV)..226 Seller Counter Offer (SCO)..228 Seller Multiple Counter Offer (SMCO) ..228 Buyer Counter Offer (BCO) ..228 Withdrawal Of Offer (WOO).

10 232 Cooperating Broker Compensation Agreement and escrow instructions (CBC) ..234 Declaration Regarding Real Estate License and Tax Reporting (DLT)..236 Additional Agent Acknowledgement (AAA)..238 Additonal Broker Acknowledgement (ABA) ..238 Residential Purchase Agreement (RPA-CA).. booklet will discuss the entire revised California Residential Purchase Agreement and joint escrow instructions (rPA) and related addenda. The Purchase Agreement and related addenda contain the essential terms for the formation of a real estate contract. A copy of the rPA and the addenda referenced within it, and others, can be found at the end of this booklet and should be used in conjunction with your Purchase Agreement is adequately detailed to address most issues involved in the Purchase and sale of real property.

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