New member from Ventura, Ca with questions (purchase agreement)

5 Replies

Hello All

My names Ian. I'm new to biggerpockets, my day job I'm a firefighter/paramedic.  I've predominantly done some investing in the stockmarkets and other facets, but am looking to get into RE. I've been actively listening to various podcasts and combing the internet for info, and believe I may have found a home purchase. 

Is there a purchase agreement that you might have that's not too abbreviated and is iron clad or one that you can direct me to (for California) . This purchase will be direct from seller/trust to me with a possible FHA loan attached. I want something that's not too abbreviated and will protect both me and the seller.

Thanks!

Ian

Ian,

Go to the realtor association near you and purchase a copy of the California Residential Purchase agreement. If a realtor gives you a copy their are legal ramifications of something happens in your transaction.

MJ

@Ian C.

Welcome to the vibrant BP community. Ok, now that you have taken your initial step, below are some quick links to get engaged.

Congrats on your pending home purchase.

https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing (video courses)

https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)

REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.

https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/

REI books suggested by BPers

https://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)

http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?utm_source=search&utm_medium=internal&utm_campaign=books (books recommended by BPers)

Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.

Continue to feast on the Podcasts, #askbp Podcasts, blogs and webinars

Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

Hi Ian, 

I would probably check with the seller/trust company first and see if they utilize their own version of a purchase contract, otherwise you may end up spending money on something that won't be accepted. 

That said, I would probably recommend the CAR forms simply because (1) every item on the form is probably there as a result of some litigation, and therefore to use a form that doesn't have those clauses is subjecting yourself to risk  (2) the CAR forms are battle tested, and they hold up to the California supreme court  (3) it is a fair contract that protects both buyers and sellers. 

I'm sure you can purchase them at the Ventura Association of Realtors. I'm not sure how much they charge for them. Here's their contact page: 

http://www.vcrealtors.com/topaboutus/contact-vccar...

Just keep in mind, the RPA may not be the only form you need to purchase. For example, if you get a counter offer, you'd probably have to go back and buy some counter offer forms. 

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