FULLERTON – California’s Residential Purchase Agreement is the standard form produced by the California Association of Realtors and used in nearly every real estate transaction in the state.

The contract is designed to protect both the buyer and the seller in the sale of a home. One section of the agreement relates to the seller’s duty to disclose “Known Material Facts and Defects” affecting the property and the buyer’s duty to investigate the property to their satisfaction through physical inspections, investigations and tests.

In both cases, each party to the contract must do its “due diligence” in the time frame allowed by the contract, or as mutually agreed upon. This is just one part of a multi-faceted contract designed to protect both the home seller and home purchaser.

The following update on local real estate information is based on Multiple Listing Service data as of Monday.

Properties available: 406

Condominiums: 116

Houses: 290

Short Sales and REOs: 131

Median condo price: $293,095

Median house price: $609,665

Average time on the market: 102 days for condos; 107 days for houses

Available properties by price range:

Under $399,999: 192

$400,000 – $699,999: 143

$700,000 – $999,999: 52

$1,000,000 – $1,999,999: 14

$2,000,000 and over: 5

Number of properties available by ZIP Code:

92831 – 83

92832 – 46

92833 – 184

92835 – 93

Properties put into escrow last week: 22

Least expensive houses: One of the least expensive single-family homes put into escrow features 3 bedrooms, 1 bath and 1,167 interior square feet on a 6,566-square-foot lot. This home is listed for $285,000. The actual sales price cannot be disclosed until after the property closes escrow.

Least expensive condos: One of the least expensive condominiums put into escrow is a studio in a senior community and features 1 bath with 441 interior square feet and assigned parking. This condo is listed for $53,000. The actual sales price cannot be disclosed until after the property closes escrow.

Most expensive properties: One of the most expensive homes put into escrow features 4 bedrooms, 3 baths, 3,300 interior square feet and 21,800-square-foot lot with park view and 2-car detached garage. This home is listed for $799,000. The actual sales price cannot be disclosed until after the property closes escrow.

Dennis Bode is a Realtor with Century 21 Discovery. You may contact him at 714-814-1041, e-mail him at Dennis@DennisBode.com or visit online at Blog.DennisBode.com.