Rachel submits an offer using the C.A.R. RPA on a townhouse in Sacramento for $425,000. The offer states that close of escrow shall occur 30 days after acceptance. On day 25, Rachel's lender notifies her that the loan will be delayed by two weeks. Rachel asks for an extension. Under the C.A.R. RPA, what must occur for the closing date to be extended?
Correct Answer
D) Both parties must sign a written amendment or addendum to the RPA agreeing to the new date
Under the C.A.R. RPA, any modification to the contract terms, including the closing date, requires a written amendment or addendum signed by both parties. Neither party can unilaterally change the terms of the executed agreement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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