Always Have Protection

People. How do?
The California Board of Realtors are coming out with a new revision for the "Residential Purchase Agreement And Escrow Instructions" or Form RPA-CA. What does this mean to you? Not a whole lot. It does clarify the wording a tad better on some parts re loan and appraisal contingencies. It does explain that if you change financing in the middle of the escrow period than the seller has the right to "VETO" or accept. It illuminates what does, and what doesn't stay with the house (Ceiling fan with one blade), unless there is added verbiage to the contract to correct that (You can have the ceiling fan, but I keep the fuzzy toilet seat). It clarifies some other things to, but all of these things were in the old contract (My clients and I knew they were clear).
The big things that the new contract changes are there to protect the realtor, not the buyer/ seller Buyers and sellers don't pay dues to the board of Realtors. If CAR keeps more Realtors in business then they can make more money. A little cynical.). It moved some wording up front telling the buyer that the realtor is allowed to write offers with other buyers on the same house. Now, the realtor is not allowed to share how much you offered or anything about you. He's just allowed to write offers for "Potentially competing buyers". Nice for him, not for you.
They re-worded how the deposit (Earnest money) is to be handled. This has been a long time coming. Now it states that the buyer will take the deposit directly to escrow 3 days after the offer is accepted. This is to protect the realtor from him (Sexist) self. The #1 way Realtors/ brokers get in trouble is co-mingling funds. Taking deposits and mixing it in with whatever fund (Gambling, drugs, figurines, etc...). I used to write it in that way so I wouldn't have to hold someone else's money.  My wife won't even let me have money, how am I supposed to take care of someone else's money.
The point of all of this is is that you better employ professionals who have your back when you are dealing with real estate, money, health and whatever else is valuable to you.
Let me know if you want a copy of the new contract. 619-507-7449.
God Bless.