THE NEW RPA IS COMING - and we are ready!
California Realtors - if you haven't already taken a class to get up to speed on the contract changes coming next month, we recommend you do so. It will be worth it. Alchemy is ready and actually excited for the changes.
A few notes from our long list
Confirmation will be when the final accepting party SENDS the email with the fully signed Counter or Offer. It no longer will matter when the receiving party opens or reads the email - only when sent.
Contingencies will now all default again to 17 days. It used to be this way before loan changed to 21 days, but with changing markets comes contractual alignment.
Time of Possession will now default to time of recording. Why it wasn't always this way, who knows!
New mandatory Appraisal Advisory coming out in the new year that will be attached to the RPA.
FVA form is going away - all request for repairs will be done on the RR.
NHD, TDS, SPQ, Lead Paint, Fire Hardening (Big 5 Mandatory Disclosures) - these all provide a 5 day review and right to cancel even if CR has already been removed.
When is TDS considered fully complete? Skipped questions make the TDS incomplete. Listing Agent has to sign it and provide their AVID if that box is checked and the TDS is only complete once the AVID is provided.
The Big 5 (list above) must be signed and RETURNED to the seller with the 5 days of review or agreed upon CR date (defaults to Day 17) OR the seller can cancel (after issuing a notice to perform).
If you want a full list of our notes shoot us an email and we will send it to you! We didn't want to overwhelm you with every change and note we will be tracking on our end.