One thing that justifiably concerns both home buyers and sellers are contingencies. Contingencies are basically just conditions that have to be met in order for the purchase of the home to be finalized. The most prominent contingencies are inspection, appraisal and loan. The
boilerplate timeframes on the CAR (California Association of Realtors) purchase agreement, or the standard offer, are 17 day contingencies for inspections/investigations, 17 day for appraisal and 21 days for loan. These are negotiable during the offer and counter but those are the standard timeframes.
So what do they mean?
Every situation may be different so we’ll stick with a normal situation. What it means is that you have that amount of time to get those tasks accomplished. For instance you have 17 days (again if that’s the timeframe negotiated) to have any an all investigations, inspections, etc. to completely satisfy your concerns. On day 17 the sellers would expect you to remove, in writing, that contingency. California is an active contingency state so contingencies don’t automatically expire on a certain day….they must be removed in writing. Once contingencies are removed it becomes more difficult to get your initial deposit back (usually 3% of purchase price in our area) unless there is some type of breach of contract by the other party or unless the other party agrees.
Worried about meeting your transaction contingencies in order to have a smooth home sale? I’m here to help! Send me a message with your questions.
While the bulk of senior specific housing resides in Torrance, Redondo Beach has some very nice buildings and
complexes. One of them is located in North Redondo Beach at 2750 Artesia Blvd. and is known as Breakwater Village. As with many of the “newer” complexes in the area Breakwater Village was a Scott Anastasi developement. Built in 2007 and 2008 the complex definitely still has a very modern and updated look and feel with a resort style pool, nice clubhouse and fitness center and more.
unit on a property. These ADUs or Accessory Dwelling Units are basically a 2nd dwelling on the property with a full kitchen, bathroom and bedroom, which can be rented, leased or used for family. An ADU can be attached, detached, or even a converted garage. They are part of the property, however, and cannot be sold separately from the primary residence. In addition they must use existing utility connections and meters. While there cannot be more than one address on the parcel, ADUs may have a unit number or letter to differentiate the mailing address. Current regulations prohibit local agencies from imposing an owner-occupant requirement until January 1, 2025. Whether you love the idea or hate the idea really comes down to your situation and neighborhood.
generally priced well below similar homes that don’t have age restrictions. Many of the complexes were built in the past 20 years and have a very updated and current look and feel more like vacation style hotels than senior living condos. Take a look below at just some of the options and communities in the area.