An instrument modifying or rescinding a contract should identify the contract with certainty. The parts of the contract to be changed should be clearly expressed, and the change itself clearly set forth. 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.
A Colorado Addendum to Contract for the Price, Sale, and Purchase of Residential Real Estate is a legally binding document utilized during real estate transactions in Colorado. This addendum serves as an add-on to the standard contract and highlights specific terms and conditions that are unique to the state of Colorado. Below, you will find a comprehensive description of what this addendum entails, along with some of its common types. The Colorado Addendum to Contract for the Price, Sale, and Purchase of Residential Real Estate is used when buying or selling residential properties, such as houses, condominiums, townhouses, or any other residential dwellings. This addendum helps ensure that the contract complies with Colorado state laws, regulations, and particular requirements. Key provisions found in the Colorado Addendum may include: 1. Public Report: This section addresses the requirement for the developer to provide potential buyers with a public report for new home sales, as mandated by the Colorado Real Estate Commission. 2. Property Disclosure: Colorado law necessitates sellers to provide certain property disclosures, including any known defects, non-compliance issues, environmental concerns, or other relevant factors that may impact the purchase decision. 3. Radon Gas Disclosure: Due to the prevalence of radon gas in certain areas of Colorado, this addendum may include a disclosure regarding the potential presence of this harmful gas. This disclosure informs buyers about the risks associated with radon and may require them to sign an acknowledgment of receipt. 4. Water Rights and Wells: In rural or semi-rural areas, sellers may possess water rights or obtain water from wells. This section covers the details of water rights, well permits, usage, and possible limitations, ensuring buyers are aware of their implications. 5. Homeowner's Association (HOA) Documents: If the property is part of an HOA, this addendum may stipulate that the seller furnishes the buyer with relevant HOA documents, including bylaws, covenants, financial statements, and rules and regulations. This ensures transparency and helps buyers make informed decisions. 6. Marijuana Cultivation: Given that marijuana laws in Colorado differ from federal laws, this addendum may address the cultivation, possession, or use of marijuana on the property. It can outline specific restrictions or obligations regarding marijuana-related activities, ensuring compliance with state regulations. 7. Financing Contingency: This section permits buyers to include a financing contingency, allowing them to terminate the contract if financing is not secured within a specified timeframe or on stated terms. It provides protection in case the buyer is unable to obtain a mortgage. Different types of Colorado Addendum to Contract for the Price, Sale, and Purchase of Residential Real Estate may exist to cater to specific scenarios or property types, such as: 1. New Construction Addendum: This type of addendum focuses on the unique aspects of purchasing a newly constructed property, such as the builder's warranty, inspection procedures, certificate of occupancy, and timeline for completion. 2. Condominium/Townhouse Addendum: Designed specifically for the purchase of a condominium or townhouse, this addendum may include regulations regarding frequent areas, maintenance responsibilities, association fees, and amenities provided by the homeowner's association. 3. Short Sale Addendum: When buying a property as a short sale, this addendum addresses the unique circumstances of the sale, including the involvement of lenders, potential delays, and negotiations related to the property's distressed financial situation. It is important to consult with a qualified real estate professional or attorney while drafting or reviewing a Colorado Addendum to Contract for the Price, Sale, and Purchase of Residential Real Estate to ensure compliance with relevant laws, protect the interests of all parties involved, and facilitate a smooth real estate transaction.
