C.A.R. this week released the new Residential Purchase Agreement (RPA), two related new forms, and other revised forms. All forms currently are available both in zipForm® 6 and hard-copy format.
The RPA is the standard form, produced by C.A.R., used in nearly every residential real estate transaction in the state. The RPA hasn’t been significantly modified since 2002, and the changes approved by the RPA Study Group and the Standard Forms Advisory Committee, with more than 1,000 comments from members, helped inform the process.
Changes impacting the initial deposit; the notice to perform; FHA/VA loans; financing; the appraisal contingency; the wood pest inspection; home warranty coverage; and contingencies and cancellations; among others, have been incorporated in the revised form.
C.A.R.’s REALTOR® S.W.A.T.: “The Tools You Need to Succeed in 2010” classes are one-day events chock-full of tips to help REALTORS® prosper in 2010. Each class features a local economic and market update by a C.A.R. economist; a panel discussion with legal and finance experts to help REALTORS® navigate new laws; four hours of continuing education credits on the new Residential Purchase Agreement (RPA-CA); an overview of how to use the Treasury Dept.’s Home Affordable Foreclosure Alternatives program; and a continental breakfast.