Saturday, November 22, 2014

Important changes to California Residential Purchase Agreement


In Monday November 24th 2014 there are sweeping and wholesale changes being made to the California Residential Purchase Agreement and Joint Escrow Instructions, and it is extremely important for all parties to the transaction to be familiar with the alterations and amendments. It is imperative that the South Orange County listing agents and selling agents (as well as their) brokers who will be representing the buyers or sellers have taken some new instructions prior to completing these new forms as to not place their clients in harm’s way or at any type of financial risk.

While it would be difficult to list all of the changes that are being implemented, just one of major ones is how the wood destroying pest report is disclosed. Another one is how solar panels installed on a home that are leased on home would transfer over to the new owner. If your South Orange County Realtor who will be creating this document is not familiar with the new verbiage, they could not only be leaving money on the table, they could put the entire transaction at risk as they possibly could be giving the buyer or seller the ability to rescind the contract at any point of the escrow, even putting the buyers initial deposit at risk.

It is extremely important that the South Orange County professional know exactly what point of the transaction that the transfer disclosure statement needs to be delivered as well as the seller property questionnaire. Was you home built before 1960? If your Real Estate Agent hasn’t asked you to sign an earthquake information booklet, something is wrong. There are important addenda and advisories that must be disclosed early on during the escrow process or your agent is not complying with the Residential purchase agreement. Having your real estate professional stay on top contingency removal throughout the escrow process is paramount to a successful close of escrow.

Before signing your RPA form make sure that the real estate company you are working with is fully compliant with the new wholesale changes that have been made to this important document and other related disclosures.







Orange County Cities and Communities BanCorp Properties Serves In:




BanCorp Properties: Central Costa Mesa Real Estate & Central Costa Mesa Homes For Sale | BanCorp Properties: Eastside Costa Mesa Real Estate & Eastside Costa Mesa Homes For Sale | BanCorp Properties: Mesa Verde (Costa Mesa) Real Estate & Mesa Verde Homes For Sale | BanCorp Properties South Coast Metro (Costa Mesa) Real Estate & Costa Mesa Homes For Sale | BanCorp Properties: Southwest Mesa (Costa Mesa) Real Estate & Homes For SaleBanCorp Properties: Capistrano Beach Real Estate & Capistrano Beach Homes For Sale | BanCorp Properties: Dana Hills Real Estate & Dana Hills Homes For Sale | BanCorp Properties: Del Obispo Real Estate & Del Obispo Homes For Sale  | BanCorp Properties: Lantern Village Real Estate & Lantern Village Homes For Sale | BanCorp Properties: Monarch Beach  Real Estate & Monarch Beach Homes For Sale | BanCorp Properties: Ritz Cove  Real Estate & Ritz Cove Homes For SaleBanCorp Properties: Camino Real (Irvine) Real Estate & El Camino Real Homes For Sale | BanCorp Properties: Laguna Altura (Irvine) Real Estate & Laguna Altura Homes For Sale | BanCorp Properties: Northpark (Irvine) Real Estate & Northpark Homes For Sale | BanCorp Properties: Northwood (Irvine) Real Estate & Northwood Homes For Sale | BanCorp Properties: Portola Springs (Irvine) Real Estate & Portola Springs Homes For Sale | BanCorp Properties: Quail Hill (Irvine) Real Estate & Quail Hill Homes For Sale | BanCorp Properties: Rancho San Joaquin (Irvine) Real Estate & Rancho San Joaquin Homes For Sale | BanCorp Properties: Shady Canyon (Irvine) Real Estate & Shady Canyon Homes For Sale | BanCorp Properties: Turtle Ridge Real Estate & Turtle Ridge Homes For Sale | BanCorp Properties: Turtle Rock Real Estate & Turtle Rock Homes For Sale | BanCorp Properties: West Irvine Real Estate & West Irvine Homes For Sale | BanCorp Properties: Westpark (Irvine) Real Estate & Westpark Homes For Sale | BanCorp Properties: Woodbridge (Irvine) Real Estate & Woodbridge Homes For Sale | BanCorp Properties: Woodbury (Irvine) Real Estate & Woodbury Homes For Sale | BanCorp Properties: Covenant Hills Real Estate & Covenant Hills Homes For Sale | BanCorp Properties: Laguna Village Real Estate & Laguna Village Homes For Sale | BanCorp Properties: Laguna Canyon (Laguna Beach) Real Estate & Laguna Canyon Homes For Sale | BanCorp Properties Nellie Gail Ranch Real Estate & Nellie Gail Homes For Sale | BanCorp Properties: San Joaquin Hills Real Estate & San Joaquin Hills Homes For Sale | BanCorp Properties: Rancho Niguel Real Estate & Rancho Niguel Homes For Sale | BanCorp Properties: Ocean Ranch Real Estate & Ocean Ranch Homes For Sale | BanCorp Properties: Niguel Summit Real Estate & Laguna Summit Homes For Sale | BanCorp Properties: Kite Hill Real Estate & Kite Hill Homes For Sale | BanCorp Properties: El Niguel Heights Real Estate & El Niguel Heights Homes For Sale | BanCorp Properties: Bear Brand Ranch Real Estate & Bear Brand Ranch Homes For Sale | BanCorp Properties: Beacon Hill Real Estate & Beacon Hill Homes For Sale | BanCorp Properties: Portola Hills Real Estate & Portola Hills Homes For Sale | BanCorp Properties: Foothill Ranch Real Estate & Foothill Ranch Homes For Sale | BanCorp Properties: Palmia Real Estate & Palmia Homes For Sale | BanCorp Properties: Pacific Hills (Mission Viejo) Real Estate & Pacific Hills Homes For Sale | BanCorp Properties: Lake Mission Viejo Real Estate & Lake Mission Viejo Homes For Sale | BanCorp Properties: Casta Del Sol Real Estate & Casta Del Sol Homes For Sale | BanCorp Properties: Aegean Heights (Mission Viejo) Real Estate & Aegean Heights Homes For SaleBanCorp Properties: West Bay (Newport Beach) Real Estate & West Bay Homes For Sale | BanCorp Properties: Upper Newport Bay (Newport Beach) Real Estate & Upper Newport Bay Homes For Sale | BanCorp Properties: One Ford Road (Newport Beach) Real Estate & One Ford Road Homes For Sale | BanCorp Properties: Newport Shores (Newport Beach) Real Estate & Newport Shores Homes For Sale | BanCorp Properties: Newport Heights (Newport Beach) Real Estate & Newport Shores Homes For Sale | BanCorp Properties: Newport Harbor (Newport Beach) Real Estate & Newport Harbor Homes For Sale | BanCorp Properties: Lower Newport Bay (Newport Beach) Real Estate & Lower Newport Bay Homes For SaleBanCorp Properties: Harbor Ridge (Newport Beach) Real Estate & Harbor Ridge Homes For Sale | BanCorp Properties: East Bluff (Newport Beach) Real Estate & East Bluff Homes For Sale | BanCorp Properties: Dover Shores (Newport Beach) Real Estate & Dover Shores Homes For Sale | BanCorp Properties: Corona Del Mar, CA Real Estate & Corona Del Mar Homes For Sale | BanCorp Properties: Big Canyon Real Estate & Big Canyon Homes For Sale | BanCorp Properties: Belcourt (Newport Beach) Real Estate & Belcourt Homes For Sale | BanCorp Properties: Bay Shores (Newport Beach) Real Estate & Bay Shores Homes For SaleBanCorp Properties: Balboa Peninsula Real Estate & Balboa Peninsula Homes For Sale | BanCorp Properties: Balboa Island Real Estate & Balboa Island Homes For SaleBanCorp Properties: Pelican Ridge (Newport Coast) Real Estate & Pelican Ridge Homes For Sale | BanCorp Properties: Pelican Point (Newport Coast) Real Estate & Pelican Point Homes For Sale | BanCorp Properties: Pelican Hill (Newport Coast) Real Estate & Pelican Hill Homes For Sale | BanCorp Properties: Pelican Crest (Newport Coast) Real Estate & Pelican Crest Homes For Sale | BanCorp Properties: Ocean Heights (Newport Coast) Real Estate & Ocean Heights Homes For Sale | BanCorp Properties: Newport Ridge (Newport Coast) Real Estate & Newport Ridge Homes For Sale | BanCorp Properties: Crystal Cove Real Estate & Crystal Cove Homes For Sale | BanCorp Properties: Wagon Wheel Real Estate & Wagon Wheel Homes For Sale | BanCorp Properties Robinson Ranch Real Estate & Robinson Ranch Homes For Sale | BanCorp Properties: Rancho Cielo Real Estate & Rancho Cielo Homes For Sale | BanCorp Properties: Las Flores Real Estate & Las Flores Homes For Sale | BanCorp Properties: Dove Canyon, CA Real Estate & Dove Canyon, CA Homes For SaleBanCorp Properties: Talega Real Estate & Talega Homes For Sale| BanCorp Properties: Rancho San Clemente Real Estate & Rancho San Clemente Homes For Sale | BanCorp Properties: Marblehead (San Clemente) Real Estate & Marblehead Homes For Sale | BanCorp Properties: Forster Ranch Real Estate & Forster Ranch Homes For Sale | BanCorp Properties: Coast District (San Clemente) Real Estate & Coast District Homes For Sale | BanCorp Properties: Ortega Area (San Juan Capistrano) Real Estate & Ortega Area Homes For Sale | BanCorp Properties: Mission Area (San Juan Capistrano) Real Estate & Mission Area Homes For Sale | BanCorp Properties: Hunt Club (San Juan Capistrano) Real Estate & Hunt Club Homes For Sale

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BanCorp Realty is a division of The Irvine Holding Company

BanCorp Realty is a division of The Irvine Holding Company