7 - The Offer (RPA) and Negotiations
(Counter Offers) The
standard form Buyers use to submit
an offer to purchase Southern California
real estate is the "RPA",
the Residential Purchase Agreement
and Joint Escrow Instruction form.
This form conveys the offer price,
terms, and several conditions and
contingencies that must be met in
the purchase. When your agent receives
an offer on your property, they should
also insist on a Pre-Approval Letter
or some documentation showing that
the Buyer is qualified to purchase
the property, and a copy of the Buyer's
good faith deposit check, typically
3% of the offer price.
RPA is currently at 8 pages and growing.
Your Pacifica West Properties real
estate agent will carefully explain
this contract to you and fill it out
only with your complete understanding.
Once the RPA is presented, the only
way to change or modify any provision
is through a Counter Offer. This in
effect "stops" the RPA and
counters with changes and/or additional
terms. As some transactions may result
in a few Counter Offers back and forth,
it is imperative that you have a responsible
agent who meets and conveys your needs
properly and adheres to all deadlines
and conditions presented in each Counter
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