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The RPA (Residential Purchase Agreement) is going to be modified...

Posted by Peter Karami on September 16, 2014 at 9:20 PM

According to California Real Estate magazine, issued September 2015, the RPA will be revised. This is a good news for many Real Estate Agents. Finally, the CAR (California Association of Realtors) has taken the step to revise the residential purchase agreement provided on Zipforms. The current RPA was adapted in 1955 and since that time there are so many changes in the industry therefore it seemed missing some necessary terms and having some unnecessary terms. In my opinion, most terms on the current Purchase Agreement can not become major issues if Realtor communicates the contract with another experienced and knowledgeable Realtor. However, the problems rise whenever a knowledgeable realtor had to negotiate the contract with inexperienced Realtor. Because an insightful Realtor would recognize and communicate the ambiguity if exist and seems obscure. On the other hand, an incompetent Realtor would simply ignore and that would likely either end up to an agreement and eventually problematic or the clients would not achieve their goal to buy or sell painlessly. Obviously, the Real Estate industry has changed since 1955 and so the client’s demography have changed and their needs for buying and selling homes. Therefore, I believe that it was absolutely necessary to revise the current residential purchase agreement.

Categories: Real Estate Informational Posts

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