California has significantly revised the Residential Purchase Agreement (RPA) and it’s not for the faint of heart. As a broker, I’m concerned how knowledgeable and experienced other agents will need to be with this new RPA. For example, consider just a few of the major changes in the RPA:
- The Wood Pest Disclosure form previously used with the previous RPA has been deleted. How to handle it is now a different procedure.
- Brokers are not considered parties to the RPA.
- Who signs the Disclosure Regarding Real Estate Agency Relationships has changed.
- For Cash Offers, the proof of cash funds timing has changed.
- Loan pre-approval letters for adjustable rate mortgages must show certain rates to be acceptable.
- Who pays the HOA certification fees is now predetermined.
- Who chooses the title company, the seller or the buyer and what rules govern this decision?
- What’s the impact of repair credits after the new lender law goes into effect August 1, 2015?
- Who has final say on credits and how they will be applied?
And this is just a short list of items to know how to handle. As a highly experienced real estate broker, I’m aware of these new RPA changes and will walk you through them as my buyer or seller client.
Ready to buy or sell your Palm Springs Area home or condo? Bruce Hiatt, Luxury Realty Group’s Broker, is ready to assist you and guide you through the complex RPA process. Contact Bruce today (760) 537-3810 or use our simple contact form.