ACRONYMS 1
COE
Close of Escrow
CR
Contingency Removal
Who pays for the inspections?
Buyer
SCO vs. SMCO
Seller Counter Offer (seller is countering 1 buyer offer) vs. Seller Multiple Counter Offer (seller is countering more than 1 buyer offer)
What is the standard time that an offer expires?
3 days
CMA
Comparative Market Analysis
RRRR
Seller Response and Buyer Reply to Request for Repair
When does the home inspection happen?
Within the first 17 days of opening escrow (or shortened, depending on timeframes in offer)
Where does the seller communicate to the buyer known facts about the property?
How many days do you have after receiving NBP?
Buyer has 2 days to perform before the seller can cancel.
TOPA
Tenant Occupied Property Addendum
AVID
Agent Visual Inspection Disclosure
What is the standard EMD amount?
3% of purchase price
SIP vs. RLAS
Seller in Possession Addendum (< 29 days) vs. Residential Lease After Sale Agreement (> 29 days)
How many days do you have after receiving DCE?
Buyer/Seller has 3 days after delivery to close escrow.
PITIA
Principal, Interest, Taxes, Insurance, Association (HOA)
VP
Verification of Property Condition
Who pays escrow fees?
Each to pay their own, or split 50/50
CC vs. COL
Cancellation of Contract (of RPA/when in escrow) vs. Cancellation of Listing (when a listing agreement cancelled before it sells)
What is our standard time for a listing term?
6 months
COP
Contingency for Sale of Buyer's Property
SPBB
Seller Payment to Buyer's Broker (to request that the seller covers the buyer's commission to broker)
Escrow is a ________
Neutral third party
PSRA vs. BRBC
Property Showing and Representation Agreement (between broker/buyer, not to exceed 30 days, non-exclusive, limit 3 properties) vs. Buyer Representation and Broker Compensation Agreement (between broker/buyer, up to 3 months, could be exclusive or non-exclusive, no limit on properties/can list out criteria)
What is a 1031 exchange?
Allows you to avoid paying capital gains taxes when you sell an investment property and reinvest the proceeds from the sale within certain time limits in a property or properties of like-kind and equal or greater value.