A buyer in Santa Clara submits a C.A.R. RPA offer that specifies the close of escrow shall occur 30 days after acceptance. Under the C.A.R. RPA, who is typically responsible for initially selecting the escrow company in the offer?
Correct Answer
D) The buyer designates the escrow company in the offer, unless otherwise agreed
Under the C.A.R. RPA, the buyer typically designates the escrow company in the offer. This is a negotiable term, and the seller may counter with a different escrow company, but the default under the RPA is that the buyer selects.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
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