This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Colorado Contract for the Sale of Residential Property - Owner Financed with Provisions for Note and Purchase Money Mortgage
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FAQ
The Exclusive Right-to-Buy Agreement obligates the buyer to pay the broker if the selling broker cannot be compensated from some other source. The obligation for the seller to pay the broker a commission is a provision which benefits the buyer and is an agreement between the buyer and the seller.
Compliance with federal and state regulations: Seller-financed transactions in Colorado must adhere to applicable federal and state laws, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Truth in Lending Act, and the Real Estate Settlement Procedures Act.
With exclusive right to sell, the broker has the exclusive right to market the property and receive a commission regardless of who procures the buyer. With exclusive agency, the owner retains the right to find a buyer and sell the property and owe the exclusive broker no commission.
How does the Colorado Contract to Buy and Sell Real Estate Residential address special taxing districts? Alerts the buyer to the fact that there may be a local government entity that can assess taxes that the buyer should be aware of.
The success fee in an Exclusive Right-to- Buy Contract ALWAYS comes from the seller. promote the interests of the Buyer with utmost good faith, loyalty and fidelity. may legally do this by instructing the Broker in the Exclusive Right-to-Buy Contract.
In simpler terms, the homeowner is agreeing to work exclusively with one real estate agent for the purpose of selling his home within a specific period of time. Having an exclusive contract with a real estate agent under a right-to-sell listing agreement will make you fully dependent on your agent to sell the home.
A mortgage contingency ? also known as a financing contingency or a loan contingency ? is a clause that allows buyers to cancel the contract of the home purchase without penalty and receive a refund of their earnest money deposit if they're unable to secure a mortgage.
As with an exclusive right-to-sell listing, the exclusive right-to-buy variation contains provisions stating a broker fee is to be paid by the buyer ? unless the seller agrees to pay the fee ? when the buyer acquires property of the type described in the buyer's listing during the term of the listing or safety period.