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Esquire Real Estate Blog

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CAR Contract Changes

Bryan Zuetel

A significantly revised California Residential Purchase Agreement and Joint Escrow Instructions (RPA) from the California Association of Realtors will be released on Monday, November 24, 2014.  Here are three of the more significant revisions:

1. The new RPA removes the option for the parties to assign corrections for and payments of Section 1 versus Section 2 work from the Wood Destroying Pest report.  Some have decried the “blank check” for Section 1 work that a Seller would agree to in the previous RPA.  Essentially, responsibility for Section 1 and Section 2 work must be negotiated by the parties or agents during escrow with knowledge of the actual required Section 1 versus Section 2 work.

2. The default time to remove the loan contingency has been extended from 17 to 21 calendar days, while the default time for removal of the appraisal contingency remains 17 calendar days.  This change likely accounts for the necessary time between an appraisal report and approval by a lender.

3. The Buyer must disclose any credit that the Buyer receives from any source for closing or other costs that is agreed to be the Parties.  Different provisions apply if the total credit allowed by the Buyer’s lender is less than the credit amount on which the parties agree.

As your broker, you can trust that Esquire Real Estate will identify the new revisions to this form contract and advise you regarding any important, applicable contractual provisions for your real estate transaction. Check out 7 Reasons why you should choose an attorney to represent you as your broker when buying or selling real estate.


2015 Real Estate Forecast

Bryan Zuetel

The California Association of Realtors (C.A.R.) recently released its 2015 California Housing Market Forecast.  C.A.R. forecasts that home sales will rise modestly and that prices will flatten out in 2015 as traditional home buyers return to the market in place of investors.  C.A.R. identifies stringent underwriting guidelines and double-digit home price increases over the past two years as the cause of buyers delaying their home purchase and forecasts that as home price gains slow, would-be buyers will return to the market.

C.A.R. forecasts that the average for 30-year fixed mortgage interest rates will rise slightly to 4.5 percent and that the California median home price will increase 5.2 percent (following a projected 11.8 percent increase in 2014).  Finally, C.A.R. highlights that “the state will continue to see a bifurcated market” and that areas with a tighter housing supply and vigorous job market, like Orange County and parts of Los Angeles County, will continue to outperform other regions.

You can view the C.A.R. news release here: http://www.car.org/newsstand/newsreleases/2014releases/859066

Esquire Real Estate can provide you with a complimentary, Comparative Market Analysis of the current market value of your home and forecast for home prices in your neighborhood.  Please contact Esquire Real Estate for all of your real estate needs.