The first time most buyers see the California Residential Purchase Agreement is when they find their dream home.

Since it is the largest purchase most people will make, I think it’s important to know what you are signing long before you are narrowing down your choice of homes.  Finding your home should be the fun part ….. not having to decipher the contract when you have the adrenaline pumping.

Most buyers have many questions and you should have those answers PRIOR to finding your home so you know what to expect.

This is a brief overview of the California Residential Purchase Agreement put together by First Team.   This overview generally leads to more questions which I am happy to answer in person with you. Call me at (949) 500-0482  Know what you are signing!

Einstein says to know what you are signing

Seven Important Clauses of the California Residential Purchase Agreement

  1. Paragraph 2 - Finance - How the financing of your loan, down payment and deposit will be structured.
  2. Paragraph 4 - Allocation of Costs - Between the buyer and seller, who will pay for what costs?
  3. Paragraph 7 - Conditions Affecting the Property - Buyer’s right to inspect the property and ask for repairs or take other action.  Seller’s obligation to disclose known material facts affecting the property.
  4. Paragraph 9 - Buyer’s Investigation of the Property and Matters Affecting Property - Buyer’s right to perform inspections and investigations of the property.
  5. Paragraph 14 - Time Periods; Removal of Contingencies; Cancellation Rights - Buyer’s and Seller’s obligation to perform.  Buyer’s and Seller’s right to cancel if time periods are not met.
  6. Paragraph 16 - Liquidated Damages - If the buyer fails to complete this purchase because of Buyer’s default, seller shall retain no more than 3% of the purchase price.
  7. Paragraph 25 - Other Terms and Conditions - List any additional disclosures to accompany Purchase Agreement.  List any personal property (refrigerator) to be included in the purchase agreement.

If you are thinking about purchasing a home in Newport Beach and the surrounding communities such as Newport Coast, Corona del Mar, Eastside Costa Mesa & Laguna Beach, let’s get together and make sure you know what you are signing!  Contact Sandra Carlisle at (949) 500-0482.

Other topics we will cover include:

  • Closing Costs
  • Title Insurance
  • Market Conditions
  • Disclosures
  • A more in depth look at the Purchase Agreement
  • and more depending on your situation

*For those of you who are looking to buy in other areas of Orange County, Los Angeles County, San Bernadino & Riverside Counties, feel free to contact me at (949) 278-4807 and we will get you the information you need in your area.