Why do I need a residential purchase agreement when selling a house?
California real estate law requires all contracts for the sale of real property be in writing. Homepie is at the cutting edge when it comes to having a practical, easy to use, contract.
Does the buyer or seller write the contract?
When you use Homepie’s offer negotiation software, your contract is automatically generated by the system. There is no need for the buyer or seller to worry about writing something up, and if they did, it’s inevitable something required would be missed. When you use Homepie’s offer negotiation tool, all property information, buyer and seller information, and agreed upon terms are populated into a digital contract that can be used for closing escrow.
What happens after signing a purchase agreement?
Once all parties complete the signing of a purchase agreement, the clock starts ticking. Whether you are a buyer or a seller, you will have certain time frames in which to meet your contractual obligations. If you have used our offer negotiation process and now have a purchase contract, you will want to reach out to us through our chat feature or get in touch with the representative you have been working with, to begin our optional Transaction Coordination
(TC) service. Your TC will guide you through the paperwork needed to process the sale correctly and will keep all parties on track.
Does it matter where my property is located?
We process closings across the entire state of California whether you are in a dense city, or a sparse rural area. Our process works for all one to four unit residential real property sales in California.
What type of property can I use the puchase agreement for?
The contract is designed specifically for one to four unit residential properties. Homepie’s purchase agreement is not designed for land, mobile homes, commercial property, or business opportunities.
Can I write my own residential purchase agreement?
It’s probably not in anyone’s best interest to write their own real estate purchase agreement except a California real estate attorney. There are many laws governing contracts for the sale of real estate including disclosure requirements and much more.
Can a real estate agent use Homepie’s system?
Homepie is designed to work for everyone who would like to buy or sell a home. We welcome listing agents as well as buyer agents to use our platform, and the offer negotiation and contract are always free. Agents who use our software are blown away at it’s simplicity and effectiveness. The offer negotiations that traditionally take agents hours and days to complete, can now be done in a matter of minutes.
What happens if I get multiple offers?
In today's market, multiple offer scenarios are very common, so we designed Homepie's offer negotiation system to work flawlessly in this case. Whether you have one offer, or 30, our system will help you easily manage them. View and respond to them side-by-side in a beautifully organized offer dashboard.
What if an agent writes me an offer on their contract?
You may come across an agent who wants to submit an offer using their contact which is typically provided by the CA Association of Realtors. Working with this type of offer would have to be done outside the Homepie system making really difficult for a seller. There is nothing wrong with the contract itself, however, you will not be able to use the negotiation or transaction features if you accept an offer of this type. Furthermore, they are incredibly hard to digest for anyone, even some professionals. Using our system will eliminate the ability for a buyer or their agent to slip in a term that goes unnoticed… you don’t want to find out at closing that you inadvertantly agreed to pay for something without knowing it was in the contract. This is also why we have a Sample Residential Purchase Agreement for you to view ahead of time.
Does Homepie purchase agreement include any agent commission?
A commission agreement is typically not part of a California real estate contract. If a commission is offered by a seller or listing broker and the home is in the MLS, the commission will be displayed in the MLS. Buyers brokers who are part of the MLS where the listing is displayed are offered the commission if they bring a buyer with an acceptable offer and then they close. This is a foundational function of the MLS. If the listing is not in a particular MLS, we usually recommend the seller sign a commission agreement with the buyer’s agent prior to showing the home to their buyer to ensure they will be paid at closing.
Is this purchase agreement compatible with all states?
Homepie’s purchase contract was written exclusively for use in California. We do not recommend using it in any other state at this time. As we expand state-by-state, we will create solutions designed for each state based on it’s real estate and contract law.