A buyer wants to make her C.A.R. RPA offer contingent on the successful close of escrow on her current home. Which of the following correctly identifies the appropriate C.A.R. form AND a key provision it contains?
Correct Answer
A) The Contingency for Sale of Buyer's Property (COP), which allows the seller to continue marketing and accept a backup offer subject to a notice-to-perform period
The C.A.R. Contingency for Sale of Buyer's Property (COP) is the designated addendum for making a purchase contingent on the buyer's sale of an existing property. A key feature of the COP is the 'right to continue' provision, which allows the seller to keep marketing the property and, upon receiving another acceptable offer, issue a notice giving the buyer a specified period (typically 72 hours) to remove the sale contingency or cancel the contract.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
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.
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