RPA
This document is the main contract used in most California home purchases.
What is the RPA?
Backed by the government for first-time buyers.
What is an FHA loan?
A buyer loses financing after acceptance—this contingency is triggered.
What is the loan contingency?
This neutral third party handles funds and documents in a transaction.
What is escrow?
Often mistaken for Mexican Independence Day.
What is Cinco de Mayo?
This section of the RPA outlines the buyer’s offer price and terms.
What is the purchase price section?
For military buyers.
What is a VA loan?
The home doesn’t appraise for the purchase price—this becomes an issue.
What is an appraisal gap?
This is the final step where ownership officially transfers.
What is closing?
Mexican Independence Day is in this month.
What is September?
If a buyer wants to cancel after inspection, this clause protects them.
What is the inspection contingency?
% of home value borrowed.
What is LTV?
A seller refuses repairs after inspection—this often leads to this.
What is cancellation or renegotiation?
This document shows all final costs for buyer and seller.
What is the closing disclosure?
General who led Mexico to victory.
Who is Ignacio Zaragoza?
This happens when both buyer and seller agree to all contract terms.
What is mutual acceptance?
Required when down payment is low.
What is PMI?
The title search reveals an unpaid lien—this must be cleared before closing.
What is a title issue?
This is the final walkthrough before signing.
What is verification of condition?
Biggest Cinco de Mayo celebrations are found in...
United States
This RPA provision requires the buyer to actively remove contingencies in writing before they are no longer in effect.
What is Contingency Removal?
Rate that can change over time.
What is an ARM?
The buyer wants to back out without contingency protection—this is at risk.
What is earnest money deposit forfeiture?
This fee is paid to transfer ownership records officially.
What is recording fee?
French emperor at the time.
Who is Napoleon III?