Seller agrees to sell and the buyer agrees to buy a condominium unit under the terms and conditions of the contract. Other provisions of the agreement include: closing costs, deposits, insurance and proration.
Colorado Condominium Purchase Agreement
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FAQ
A contract of sale is a legal and binding document containing the terms and conditions agreed upon between a seller and a buyer in relation to goods. These contracts can be written by a solicitor or real estate agent or with the help of a conveyancing lawyer.
If the transaction fails because of one of the contingencies, say, for example, the home fails inspection, or the appraisal comes in low, and the proper timely written notice is given to the Seller as per the contract, the earnest money is refunded to the buyer. Practically speaking, earnest money is rarely forfeited.
If rejected, the seller can counter the offer. Both parties can count as many times as they want until they sign a mutual agreement or one party stops responding.
Updated January 08, 2022. A Colorado buyer agency agreement defines the relationship between an agent and an individual who is in the market to purchase real estate. The agreement will be drafted after the agent agrees to work with a client to help them find a property to purchase.
Which of the following is correct according to the Colorado Real Estate Commission Position Statement regarding Rule F? Brokers may not add exculpatory language limiting their liability to any contract to which they are not a party such as the Contract to Buy and Sell.
Purchase Agreement A purchase agreement (also called a sales contract) is a binding contract between two parties (property buyer and property seller) to transfer a particular property. This contract specifies the details regarding the sale of a property.
As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.
(f) A broker may omit part or all of the following provisions of the Contract to Buy and Sell Real Estate, or corresponding provisions in other Commission-approved forms, if such provisions do not apply to the transaction.
If you're considering purchasing or selling a resale home (meaning an existing home rather than a new build home) in Colorado, the agreement under which you might purchase or sell the property is the Colorado Real Estate Commission's (CREC) Contract to Buy and Sell Real Estate (Residential).