Thank you so much for taking the time to explain this form, wanted to check my understanding of the form with your training. Easy to listen to you and well done!
great video! quick question.. when doing these COP forms... does the buyer pay the EMD after seller accepts the offer with this contingency or do they pay EMD once they close escrow on their property and can move forward with buying the new property?
Really appreciate the detailed explanation of this contract. Very helpful! l However, the main reason I googled for assistance on this contract was in order to understand section 11 A. I was told this section was important and that checking the box will give the buyer the option to begin the contingency timelines after their home goes into contract and enters escrow as opposed to the timelines beginning as usual immediately upon acceptance of the purchase agreement. Can you confirm?
Thank you for the great explanation! My seller received a more attractive back-up offer and the current Buyer selected box 1B and left everything else as the default. They have already provided proof of entering in a contract and are in escrow to sell their home. Can my seller cancel the contract if they cannot provide proof of funds to close without selling? We have provided the NBP and are on Day 1.
@@BalboaRealEstate We simply signed the last paragraph at the bottom of the COP and sent them that plus a copy of the backup offer. Does that count as NBP#1? I am sending then a 2nd NBP to release other contractual contingencies and wanted to make sure I should number it as #2
Quick question on this one, I know that in NC, we don't include the Buyers Name etc on the Contract that is given to Sellers to show the Buyer's property is in Escrow. What do you omit in California? Thank you.
I don't know if there is a standard here, but one would hope agents would exercise discretion with private information. I suggest redacting the buyer's name, their agent's name, and even the financial terms of the contract in some cases.
Is this form required when doing a such a purchase? Or, can you just write in TERMS on the RPA that the purchase of a property is contingent upon the sale of the buyer's property?
It's not required, the terms can be added to a RPA. That said, using this form is preferable as it is more comprehensive than just adding some verbiage to a RPA.
Do seller get Earnest money deposit if buyer removed this COP contingency and still fails to close on their house within contracted Close of escrow period ?
Thanks a lot for your videos! How does the Contingency for Sale of Buyer's Property affect the dates for Loan Contingency, Down Payment, and Loan Application removals?
@@BalboaRealEstate Thanks for your reply! The RPA says 17 days, which isn't enough time to sell a house, close escrow on it, use the proceeds for the down payment and then obtain a loan, which their lender says is the order of operation. 11A concerned me because it doesn't list the loan contingency explicitly but I called CAR and they confirmed that it's included.
Thank you so much for taking the time to explain this form. You are easy to understand and very thorough. Great job!
Thank you so much for taking the time to explain this form, wanted to check my understanding of the form with your training. Easy to listen to you and well done!
You’re a lifesaver! Thank you for explaining this
Well done, you did a wonderful job teaching this confusing form.
Thank you for taking the time to give nice feedback.
Very well done!
Thank you this is great. What about close? When is the Buyer required to close their property?
great video! quick question.. when doing these COP forms... does the buyer pay the EMD after seller accepts the offer with this contingency or do they pay EMD once they close escrow on their property and can move forward with buying the new property?
The EMD needs to go into escrow upon seller acceptance.
Really appreciate the detailed explanation of this contract. Very helpful! l However, the main reason I googled for assistance on this contract was in order to understand section 11 A. I was told this section was important and that checking the box will give the buyer the option to begin the contingency timelines after their home goes into contract and enters escrow as opposed to the timelines beginning as usual immediately upon acceptance of the purchase agreement. Can you confirm?
Yes, that is correct. Checking the box in 11A delays the time periods in the RPA.
Thank you for the great explanation! My seller received a more attractive back-up offer and the current Buyer selected box 1B and left everything else as the default. They have already provided proof of entering in a contract and are in escrow to sell their home. Can my seller cancel the contract if they cannot provide proof of funds to close without selling? We have provided the NBP and are on Day 1.
If you sent a NBP to remove the contingency and the buyer does not after 2 days then on the 3rd day the seller can cancel.
@@BalboaRealEstate We simply signed the last paragraph at the bottom of the COP and sent them that plus a copy of the backup offer. Does that count as NBP#1? I am sending then a 2nd NBP to release other contractual contingencies and wanted to make sure I should number it as #2
Thank you!
Quick question on this one, I know that in NC, we don't include the Buyers Name etc on the Contract that is given to Sellers to show the Buyer's property is in Escrow. What do you omit in California? Thank you.
I don't know if there is a standard here, but one would hope agents would exercise discretion with private information. I suggest redacting the buyer's name, their agent's name, and even the financial terms of the contract in some cases.
Awesome great info
Is this form required when doing a such a purchase? Or, can you just write in TERMS on the RPA that the purchase of a property is contingent upon the sale of the buyer's property?
It's not required, the terms can be added to a RPA. That said, using this form is preferable as it is more comprehensive than just adding some verbiage to a RPA.
Thank You.
On the RPA what date do we put for COE?
You should do a number of days rather than a definitive date.
Do seller get Earnest money deposit if buyer removed this COP contingency and still fails to close on their house within contracted Close of escrow period ?
Only if ALL contingencies were removed.
Thanks a lot for your videos! How does the Contingency for Sale of Buyer's Property affect the dates for Loan Contingency, Down Payment, and Loan Application removals?
You can go with the time periods in the RPA or delay the in section 11A of the COP form.
@@BalboaRealEstate Thanks for your reply! The RPA says 17 days, which isn't enough time to sell a house, close escrow on it, use the proceeds for the down payment and then obtain a loan, which their lender says is the order of operation. 11A concerned me because it doesn't list the loan contingency explicitly but I called CAR and they confirmed that it's included.