The charts below show the standard contingency periods for both buyer and seller based on the default language of the CAR (California
Association of Realtors) Residential Purchase Agreement (RPA) which most people refer to as the offer or purchase contract. The below is what is the default timeframes in the offer but all of these terms and timeframes are negotiable and in the current “seller’s market” many of these items will be either reduced or even eliminated if the seller has multiple offers.  Contact realtor and Three Sixty specialist Keith Kyle with questions about the process.

Contingency Timeline for Buyer

Contract Item Default Timeline Notes
Initial deposit Delivered to escrow company within 3 business days after acceptance. Usually wire transferred
Verification of down payment and closing cost Completed within 3 calendar days after acceptance. Standard to have this included with offer
Loan application Completed within 3 calendar days after acceptance. Standard to include preapproval with offer
All buyer investigations Completed within 17 calendar days after acceptance. This includes physical inspections, HOA, neighborhood, etc.
Appraisal contingency removal Completed within 17 calendar days after acceptance.
Loan contingency Completed within 21 calendar days after acceptance. The goal by this date is to have formal loan/underwriter approval

Contingency Timeline for Seller

Contract Item Default Timeline Notes
Disclosure of HOA Completed within 7 calendar days after acceptance. Most, but not all, of the time it will be fairly obvious that the home is in an HOA or planned unit development
Request HOA docs Completed within 3 calendar days after acceptance. HOA documents can take a while so seller or escrow needs to order early in the process
Deliver all reports and disclosures to the buyer Completed within 7 calendar days after acceptance. Most actual reports will be ordered by escrow or agent, but seller to provide seller disclosures within 7 days of acceptance

ARE YOU INTERESTED

in owning your piece

of the luxury beach lifestyle

BUILDING LOCATION

Keith Kyle has been a full time realtor in Manhattan Beach since 2005 and has been recognized as one of the top producing agents at Vista Sotheby’s every year since 2007

ADDRESS:

2501 N Sepulveda Blvd., Manhattan Beach CA 90266

Phone:

310-251-2344

E-mail:

CONTACT AGENT

DRE#01712785

Keith Kyle

REALTOR

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