Carlos submits a C.A.R. RPA offer on a home in Santa Barbara for $780,000. His offer includes an initial deposit of $10,000 and an increased deposit of $20,000 due within 7 days of acceptance. Under the C.A.R. RPA, when does the deadline for the increased deposit begin to run?
Correct Answer
B) From the date of the seller's acceptance being communicated to Carlos
Under the C.A.R. RPA, the increased deposit timeline runs from the date of acceptance, which is when the seller's signed acceptance is communicated to the buyer. Carlos must deliver the increased deposit within 7 days of that communication.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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