Changes to the Purchase Contract Impact Buyers and Sellers
The new Residential Purchase Agreement is a significant change to the contracts used in the past. While it can be used by itself as a vehicle for an agreement, its falls short in its protection of both the buyer and the seller during the transaction.
In essence, the contract is an 'as-is' sale by itself, which may, on the surface, make it easier for the seller, but in truth, would prevent the successful completion of most sales in California.
The contract has many addenda associated with it and actually improves the overall transaction once all of these addenda are completed properly.
The most important change to the sale contract with respect to the seller is the requirement for disclosure of insurance claims made upon the property within the last five years.
This disclosure was not part of any mandatory disclosure requirement in the past and may have an impact on your transaction due to the increasing problem with insurance availability.
There are other critical items with respect to the sales of a property that only a trained agent will have knowledge and ability to handle correctly.
If you have any questions regarding the changes to the purchase contract, please call us at (925) 754-9023 for a free explanation.
Volume 3 Issue 3
March 2003
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