Offer Forms
RPA
Residential Purchase Agreement
RR
VP
Verification of Property
What is the EMD?
Earnest money deposit-- around 2-3% of the purchase price, due into escrow within 3 days of acceptance, goes towards their cash to close
When to use the email offer template
ALWAYS
SIP
Seller in Possession
RRRR
Seller Response and Buyer Reply to Request for Repair
CBC
Cooperating Broker Compensation Agreement
When is the VP form used?
At the final walk-thru
Who needs to be cc'd on the offer email?
SMCO
Seller Multiple Counter Offer
CR
Contingency Removal
TDS
Real Estate Transfer Disclosure Statement
Difference between SMCO and SCO
SMCO- a seller multiple counter offer and it goes to multiple buyers. SCO- cannot be used as a multiple counter offer
3 Main things needed when submitting an offer
RPA, Proof of funds (showing enough for down payment + closing costs), pre approval letter
SPRP
Seller's Purchase of Replacement Property
ETA
Extension of Time Addendum
AVID
Agent Visual Inspection Disclosure
SIP vs. RLAS
SIP is used when a rent back is needed for 29 days or less. RLAS is for more than 30 days
The last two steps for the buyer before closing escrow
Sign loan docs + wire closing funds
COP
Contingency For Sale of Buyer's Property
RLAS
Residential Lease After Sale
SPQ
Seller Property Questionnaire
When you receive the sellers disclosures, what two forms do you want to pay the most attention to?
SPQ and TDS
What does CTC mean?
Clear to close - this is typically when we remove the loan contingency