# Purchase Agreement Summary — State Overlays

State-specific items a generic summary will miss. Most U.S. residential purchase agreements are state-specific forms (TREC in Texas, C.A.R. in California, FAR/BAR in Florida, etc.); each form has known issues that the agent should flag explicitly.

This is a starter table. Extend it as new states or new form versions are encountered. Every entry is marked `[VERIFY]` because forms revise frequently.

| State | Common form | Watch for |
|---|---|---|
| **California** (C.A.R.) | RPA-CA | Liquidated-damages and arbitration provisions require separate buyer/seller initials. Natural Hazard Disclosure Statement (NHDS) is a separate disclosure attached to the contract. Statewide form revises every 1–2 years. Note exact form version. `[VERIFY]` |
| **Texas** (TREC) | One to Four Family Residential Contract (Resale) Form 20-17 | Option Fee is paid to seller, not escrow — do not conflate with EMD. Termination Option period is calendar days from effective date. Seller Disclosure Notice (Tex. Prop. Code § 5.008) is statutorily required for residential. Promulgated form is mandatory for licensed agents. `[VERIFY]` |
| **Florida** (FAR/BAR) | "AS IS" Residential Contract for Sale and Purchase | "AS IS" vs. standard inspection clause materially affects EMD refundability. Inspection-based termination period is short (typically 15 days). Special-assessment allocation has standard-form default — note if amended. `[VERIFY]` |
| **New York** | Various (often attorney-drafted; sometimes Standard NYBOR / NYSAR) | Attorney review period after offer acceptance is customary; contract may not bind until cleared by both attorneys. Mansion tax (≥ $1M) is buyer-paid in most NY transactions. `[VERIFY]` |
| **New Jersey** | NJAR Statewide Standard Form | 3-day attorney review period (statutorily protected for licensee-prepared contracts). Realty transfer fee structure is tiered. `[VERIFY]` |
| **Massachusetts** | GBREB or local board forms; often attorney-drafted | Attorney closing required by statute; settlement agent must be a licensed attorney. Offer to Purchase typically precedes the Purchase and Sale Agreement (P&S) — note which document is being summarized. `[VERIFY]` |
| **Minnesota** | MAR Standard Form | Statutory cancellation right under specific conditions. Well disclosure (Minn. Stat. § 103I) and septic disclosure required for non-municipal systems. Rescission rights for failure to disclose. `[VERIFY]` |
| **Arizona** | AAR Residential Resale Real Estate Purchase Contract | Residential Seller's Property Disclosure Statement (SPDS) usually attached. Inspection period (BINSR — Buyer's Inspection Notice and Seller's Response) has tight statutory timing. `[VERIFY]` |
| **Georgia** | GAR or RE Forms | Due-diligence period (instead of inspection contingency) — buyer can terminate for any reason during the period. EMD refund provisions tied to due-diligence outcome. `[VERIFY]` |
| **Illinois** | MultiBoard Residential Real Estate Contract | Attorney review and inspection-modification provisions; cancellation rights during attorney review period. State + county + (often) municipal transfer-tax stack. `[VERIFY]` |

## How to use this table

During Step 1 (normalize documents), after identifying the form version:

1. Pull the relevant state row.
2. Identify the exact form version (e.g., "TREC 20-17," "C.A.R. RPA-CA Rev 12/22") — required field in the deliverable header.
3. Add overlay items to the Flags & Follow-Up section as Medium-severity by default; promote to Critical if missing or non-compliant on the deal.
4. If the state is not in the table above, add a "State not in overlay table — local-counsel review recommended" note.

## Adding a new state

Append a row with:

- **State**
- **Common form** — name, governing body, current version
- **Watch for** — concrete checks the agent should run, with `[VERIFY]` markers on any specific authority

Keep entries short. Detailed state-specific addenda live in jurisdiction-specific references, not here.