REPC - Real Estate Purchase Contract
The definition of mortgage term: Real Estate Purchase Contract
A REPC (pronounced REP C) is the Real Estate Purchase Contract. This document outlines the terms and conditions of a purchase of real estate. It lists the buyer(s) and seller(s), agent(s), purchase price, concessions, what comes with the home, deadlines, contingencies and other legal contractual goodies. Some states have adopted template form for a REPC so that buyers, sellers and agents on both sides have an easier time going throughout the transaction without getting lawyers invovled.
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