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ASSIGNMENT INTRODUCTION
For this discussion board, please turn to page 106 in your 11th edition textbook (page 111 in the 10.1 edition) and review the 10 page contract entitled: California Residential Purchase Agreement and Joint Escrow Instructions. Please Note: as of two months ago in Dec 2021, this Purchase Agreement is now 16 pages.
This contract serves as a binding purchase agreement for real property, instructions to the escrow company, it confirms agency relationships, it serves as evidence of an agreement to pay broker compensation and even as a deposit receipt to the buyer. Years ago we simply called this contract the deposit receipt because the buyer would present an initial deposit (earnest money) to indicate their intent on completing the agreement. Nowadays, most buyers send their initial deposit electronically directly to escrow and you the agent should always request this.
This is perhaps the most important contract in residential real estate, along with another 15 to 20 to complete an entire transaction. After reading this contract, please share your thoughts on the discussion board. Do you find the contract complex? Intimidating? Do you think you could fully explain and answer questions for your buyer? No need for alarm as once you receive your real estate license, your first employing office will (should) provide extensive training on these contracts and hopefully assign you to a mentor agent.
HOW TO WORK ON THIS ASSIGNMENT ( EXAMPLE ESSAY/ DRAFT)
The California Residential Purchase Agreement and Joint Escrow Instructions is a crucial document in the world of residential real estate. This 16-page contract serves multiple purposes, including serving as a binding purchase agreement for real property, providing instructions to the escrow company, confirming agency relationships, and serving as evidence of an agreement to pay broker compensation and as a deposit receipt to the buyer.
In the past, this contract was simply known as the deposit receipt because the buyer would present an initial deposit, also known as earnest money, to indicate their intention to complete the agreement. Today, most buyers send their initial deposit electronically directly to the escrow, and it is the responsibility of the real estate agent to request this.
This contract is considered one of the most important contracts in residential real estate, along with 15 to 20 other contracts that are needed to complete a transaction. After reading this contract, it is important to share thoughts and experiences on the discussion board.
For some, this contract may seem complex or intimidating. However, once a real estate license is obtained, extensive training on these contracts will be provided by the first employing office and hopefully, a mentor agent will be assigned. This training and mentorship will equip agents with the necessary knowledge and skills to fully explain and answer any questions their buyers may have.
In conclusion, the California Residential Purchase Agreement and Joint Escrow Instructions is a crucial document in the world of residential real estate and is essential for real estate agents to understand and master. With proper training and mentorship, agents will be able to navigate this complex document with ease and provide the best possible service to their clients.
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