California Real Estate Purchase Agreement Template_1 on iPropertyManagement.com" width="1224" height="1584" />California Real Estate Purchase Agreement Template_1 on iPropertyManagement.com" width="1224" height="1584" />
A California residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
California does require real estate sellers to disclose all known material defects with a property. The Department of Real Estate hosts a detailed publication which specifies the language of all necessary disclosures, as well as the situations in which they apply (or don’t).
There may be cases, such as a foreclosure sale or a sale made with an explicit written waiver, where the seller does not have to use the language and forms specified by the disclosure statute. However, even the sale of property “as is” will still require the seller to disclose all defects with a property that are not immediately obvious on a casual inspection. [1] [2]
Neither the nonjudicial foreclosure statutes nor section 1102.1 prevents us from finding a duty to disclose.
It is now settled in California that where the seller knows of facts materially affecting the value or desirability of the property which are known or accessible only to him and also knows that such facts are not known to, or within the reach of the diligent attention and observation of the buyer, the seller is under a duty to disclose them to the buyer.
How Do You Write a Real Estate Contract in California? When writing a real estate contract in California, you need to record the terms and conditions of a property sale. The contract is an official understanding between both the buyer and seller about the purchase price and terms of the transaction. Basic elements of a real estate contract include: Seller. Individual(s) with property to sell Buyer. Individual(s) wanting to purchase seller’s property Property. Address of the property Purchase price. Amount buyer will pay to own the property Payment. How and when the transaction between the buyer and seller will take place Read more » How Can You Get out of a Real Estate Contract in California? If you are a buyer, you can get out of a real estate contract in California under very specific conditions. Sellers have fewer opportunities to cancel the agreement; however, they may be allowed to keep a buyer’s deposit if they cancel the agreement without a valid reason. Read more » What Is the Effective Date of a Real Estate Contract in California? The effective date of a real estate contract in California is the date that both the buyer and seller have agreed to all terms of the contract and have executed it. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in California? In states like California, a seller can cancel a real estate contract if the buyer breaches or cannot perform their obligations under the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill out a Real Estate Contract in California? To fill out a real estate contract in California, first, download our customizable template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. Read more »
