A buyer in Santa Rosa has a C.A.R. RPA with a standard loan contingency. Under the C.A.R. RPA, what is the default number of days for the loan contingency period?
Correct Answer
A) 21 days after acceptance
Under the C.A.R. RPA, the default loan contingency period is 21 days after acceptance. During this time, the buyer must obtain loan approval or exercise the right to cancel if financing cannot be secured.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
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