Why We Ask for Things

Why We Ask for Things

  1. Pre-Approval & VOF – It’s in the Contract!

    1. RPA 3.H – PreApproval Letter is to be provided to Seller. There is a check box to indicate if PreApproval Letter is attached to the Offer.
    2. RPA 3.J (1) – VOF [Verification of Funds to Close] is to be provided to Seller. There is a check box to indicate if such verification is attached to the Offer.]
  2. Home Warranty Needs to be Addressed
    1. RPA 7.D (10) – Home Warranty is to be provided by Seller, Buyer or agent if at all possible. IF Buyer chooses to waive obtaining a Home Warranty, then Buyer should check the box: OR ___Buyer waives the purchase of a home warranty plan. Nothing in this paragraph precludes Buyer’s purchasing a home warranty plan during the term of this Agreement.
    2. Buyer may also sign the KW Home Warranty Waiver form.
  3. KW Buyer(s) to sign individual cover pages of major HOA sections & each month’s Minutes
    1. To ensure that the Buyer isn’t just signing a “stock” receipt for HOA documents, Keller Williams requires that Buyer sign individual cover pages of major HOA sections & each month’s Minutes.
    2. This helps in proving that the Buyer was provided a complete set of the various sections of HOA documents package [HOA Demand, CCRs, By-Law, Budgets, Financial Report, Insurance Disclosure, Reserve Study, Lender Questionnaire, etc.] and proof that 12 months of Minutes were provided.
  4. Buyer & Seller on cover pages of all Buyer-generated reports and Prelim
    1. RPA paragraph 12.B.ii states: “Buyer shall give seller at no cost complete Copies of all such investigations obtained by the Buyer, which obligation shall survive the termination of this agreement.”
    2. The best way to prove that they were provide is to have the Seller sign the cover page.
  5. Confirmation of Acceptance on Final Agreement [RPA or Counter Offer]
    1. Determine the day of acceptance. The very first step in checking the time frame is to figure out when “acceptance” of the contract occurred.RPA 25.A. “Acceptance” means the time the offer or final counter offer is fully executed, in writing, by the recipient Party and is Delivered to the offering Party or that Party’s Authorized Agent. Acceptance is confirmed by each Agent filling out all required information in the REAL ESTATE BROKERS SECTION 5.A. “Agents’ signatures and designated electronic delivery address” on page 16 of the Purchase Agreement.
  6. “Days” in RPA [Residential Purchase Agreement] – Time periods in the RPA are counted in this manner.

    1. As stated above, the day of acceptance is day zero, and the next day after that is day one.
    2. “Days” means calendar days unless otherwise specified. This means that you will count every day including Saturdays, Sundays and holidays. However, if the very last day for performance is on a Saturday, Sunday or holiday, then “the last day” would be the next business day.
    3. The only exception is for placing the earnest money deposit into escrow, where you count only business days.
  7. “Days After” in RPA – means the specified number of calendar days after the occurrence of the event specified.
    1. For instance – Rent-backs –  the 1st day is the “Day After” COE.
in Buyers, Compliance, Listings