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
