Utah REPC Explained For Park City Buyers

Buying a home in Park City and keep hearing “REPC,” “earnest money,” and “contingencies”? If you are new to Utah or buying your first mountain property, the contract timeline can feel fast and unfamiliar. This guide explains Utah’s Real Estate Purchase Contract in plain English, with Park City specifics on deadlines, HOA review, inspections, and negotiation. You will walk away with a clear roadmap, a simple flow from offer to close, and a practical checklist. Let’s dive in.

What the Utah REPC is

The Real Estate Purchase Contract, or REPC, is Utah’s standard agreement for buying residential property. It sets your price, financing terms, contingencies, deadlines, closing, possession, and remedies if someone defaults. The form has blanks for dates and dollar amounts, and it can include addenda for things like condos, HOAs, appraisal, and lead paint.

In Park City, you may also see custom language for ski access, trail or road easements, and seasonal or mountain-utility concerns. Exact dates, amounts, and addenda are negotiable. You should review the specifics with your agent and your attorney when needed.

Offer to close at a glance

Offer submitted (price, earnest $ amt, proposed dates, addenda)
  ↓
Seller acceptance → Contract becomes binding when accepted and communicated
  ↓
Earnest money deposited per contract instructions
  ↓
Inspection period (buyer schedules inspections; negotiates repairs/credits)
  ↓
Buyer's loan application and underwriting (financing contingency period)
  ↓
Appraisal (if lender required) and title commitment issued
  ↓
Contingency removal or contract termination (within specified deadlines)
  ↓
Title cure/escrow paperwork, HOA docs cleared, final walk-through
  ↓
Closing (funds transferred; deed recorded)
  ↓
Possession per contract (same day or agreed rent-back)

Key REPC sections in plain English

Parties and property

Identifies buyer, seller, and the property. It includes the street address and legal description so there is no confusion about what you are buying.

Price and earnest money

Sets the purchase price and how your earnest money is handled in escrow. Earnest money shows good faith and can become nonrefundable if contingencies expire or are removed.

Financing terms

Outlines your loan type and your obligations to apply and cooperate with the lender. If seller financing is involved, those terms are documented here or in an addendum.

Closing and possession

Sets your closing date and when you get possession. Same-day possession is common. Sometimes sellers need a short rent-back, which you negotiate in the contract.

Contingencies and deadlines

Creates specific periods for inspection, appraisal, financing, HOA review, and title review. You can cancel or renegotiate inside these windows if a condition is not met.

Title and survey

You receive a title commitment to review exceptions like easements. You can object to unacceptable issues within the title deadline. Surveys are sometimes used to confirm boundaries.

Risk of loss

Explains what happens if the home is damaged before closing. The contract sets options for repair or termination depending on the extent of damage.

Seller disclosures

Sellers provide property disclosures and known material facts. You should review them early and match them with your inspection findings.

Remedies for default

Covers what happens if either side fails to perform. Depending on the situation, remedies can include forfeiture of earnest money or specific performance.

Addenda and special provisions

This section collects anything unique to your deal, such as HOA resale documents, well or septic, or access and easements relevant to mountain properties.

Signatures and acceptance

The contract becomes binding when it is signed and communicated to the other party. Time is critical in the REPC, so pay close attention to every deadline.

Deadlines and contingencies that matter

Inspection contingency

This gives you time to inspect and negotiate repairs or credits. In Park City, consider general inspection plus radon, roof, chimney, HVAC or boiler systems, hydronic heating, decks, grading and drainage for snow melt, and pest or mold checks. Winter conditions can limit exterior evaluations, so plan timing or budget for unknowns.

Financing contingency

Protects you if you cannot obtain the stated loan. You will set a loan-approval deadline. Earnest money is usually refundable only while this contingency is active.

Appraisal contingency

If the appraisal comes in below the contract price, you can renegotiate, bring extra cash, or cancel if your contingency is still in place.

HOA and condo review

Many Park City properties are in HOAs. Review rules, budgets, reserve studies, insurance, and any pending assessments. Make the HOA review a priority for ski-area and condo communities.

Title and survey review

Read the title commitment and recorded documents. Park City homes can have ski access, trail, utility, or historic-district overlays. Object in writing by your title deadline if something is unacceptable.

Typical Park City timelines

• Earnest money: often due within 3 to 5 business days after acceptance.
• Inspection period: commonly 7 to 14 days. Allow 10 to 21 days if you need specialty inspections.
• Financing and loan commitment: often 21 to 30 days. Timelines vary by lender and loan type.
• Appraisal: typically 7 to 14 days after order, subject to appraiser availability.
• Title commitment: often issued within 7 to 10 days. Objection deadlines are set in your contract.
• Closing date: commonly 30 to 45 days from acceptance. Cash or strong-financing offers can close sooner.
• Possession: same day is common. Rent-backs are negotiated when needed.

All dates are negotiable. In busy ski-season markets, buyers may shorten windows to compete. In winter, allow extra time for inspections or plan a strategy for items that cannot be evaluated under snow.

How contingencies interact

• Earnest money is usually refundable while contingencies are active. Once you remove them or they expire, your deposit may become nonrefundable under the contract.
• After inspections, you and the seller have a limited time to agree on repairs or credits. If you cannot agree, you may cancel within your inspection period.
• Appraisal and financing can overlap. A low appraisal can trigger a price change, added cash, or cancellation if protections remain in place.
• Title issues discovered late can delay closing. Build time to cure or agree in writing on how to resolve them.

Park City norms and strategy

• Earnest money: 1 to 3 percent is common. Higher deposits can strengthen your offer in multiple-offer situations.
• Escalation clauses: sometimes used near resort areas. Be mindful of appraisal risk if the price escalates above likely appraised value.
• Concessions and credits: in a cooler market, sellers may help with closing costs or repairs. In a hot market, shorter deadlines or stronger deposits can stand out.
• Rent-backs: not unusual when sellers need time to move or align closing with a purchase.

Waiving inspection or appraisal can win a bid but increases risk. Only consider it if you understand the tradeoffs and can cover potential issues.

Local addenda and seasonal factors

• HOA and condo resale: review documents early, especially budgets, reserves, and assessments in ski communities.
• Historic and municipal overlays: parts of Park City have rules that affect renovations and exterior changes. Confirm permits for recent work.
• Water, well, and septic: common in outlying Summit County areas. Order specialty inspections when relevant.
• Access and easements: verify recorded trail, ski access, and snow-removal obligations.
• Environmental and seasonal: consider wildfire mitigation, avalanche exposure, and floodplain status. Snow can hide roofs and grading, so plan inspections accordingly.
• Local lenders and appraisers: providers familiar with mountain properties often move faster and understand local comps.

Buyer checklist

• Get preapproved with a lender who knows Park City and mountain properties.
• Select an agent with local expertise and clear strategy on earnest money and dates.
• Decide on your inspection lineup and schedule promptly after acceptance.
• For condos and HOAs, request the full resale packet immediately and review budgets, reserves, insurance, and rules.
• Confirm who will handle title and closing in Summit County and ask about holiday or ski-season timing.
• If you are out of state, plan travel for inspections and the final walk-through or arrange trusted local representatives.
• Consider property-specific checks like roof and snow-load review, chimney, hydronic heat, septic or well, radon, pest, and wildfire mitigation.

Ready to talk through timelines and strategy for your Park City purchase? Connect with a local Old Town resident and cabin specialist. Cameron Boone can walk you through dates, addenda, and negotiation so you can move with confidence.

Next steps

• Clarify your budget and earnest money comfort level.
• Set realistic but competitive deadlines for inspection, appraisal, and financing.
• Prioritize HOA document review if buying in a condo or ski community.
• Map your path to closing with your agent and lender so everyone stays ahead of deadlines.

When you are ready to write offers or compare strategies, reach out. Cameron Boone is here to help you navigate the REPC, from offer to keys.

FAQs

What is the Utah REPC and when is it binding?

• It is Utah’s standard purchase contract for homes and becomes binding when the seller accepts and that acceptance is communicated to the other party.

Which contingencies should Park City buyers keep?

• Most buyers keep inspection, appraisal, financing, title, and HOA review; consider waivers only if you understand the risks and can cover shortfalls or repairs.

How much earnest money is normal in Park City?

• Many offers include 1 to 3 percent of the purchase price, with higher amounts used to stand out in multiple-offer situations.

How long do inspection and loan approval take locally?

• Inspection is often 7 to 14 days, and loan approval is commonly 21 to 30 days, subject to lender speed and property complexity.

What should out-of-state Park City buyers do differently?

• Line up a local agent, local inspectors, and a lender familiar with mountain properties, and plan travel or trusted representatives for inspections and walk-through.

What special inspections do mountain homes need?

• Consider radon, roof and snow-load, chimney, HVAC or boiler and hydronic heating, decks, drainage, pest, mold, septic or well, and wildfire mitigation.

How do HOA documents affect my condo purchase?

• They outline rules, budgets, reserves, insurance, and assessments; review them early to confirm financial health and restrictions before removing contingencies.