Under the prior language, if no number was inserted before the percentage mark, the default option of “zero” meant that the buyer was not willing to pay any points. The prior version of the RPA contained the following language: “Buyer to pay zero points or up to _% of the loan amount.” The proposed language is “Buyer to pay up to _ points to obtain the rate above.” This formatting change is intended to distinguish the interest rate cap provision from the provision relating to the loan amount. The language “not to exceed _%” has been separated from the language where the loan amount is to be filled in.
The following revisions to the three-page grid are proposed: Therefore, it is important to make sure that the revisions discussed in this article have been incorporated into the RPA without any additional changes. makes further revisions before a final release of any new form. typically revises its forms, including the Residential Purchase Agreement (“ RPA”), in June and December. This article will discuss some of the anticipated revisions that are expected to be made to the RPA this month. Residential Purchase Agreement (RPA)Ĭ.A.R.
By David Hamerslough Anticipated Revisions to the C.A.R.
