Contract providing for the purchase of Real Estate property, with a temporary lease of property by buyer prior to contract's closing.
Colorado Contract for the Lease and Purchase of Real Estate - Purchase by date or leave
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Multi-State
Control #:
US-813LT
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Word;
Rich Text
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How to fill out Contract For The Lease And Purchase Of Real Estate - Purchase By Date Or Leave?
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FAQ
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).
A home sale contingency gives buyers the time they need to sell and close before committing to a new home. Buyers can avoid owning two homes and holding two mortgages at one time while waiting for their own home to sell.
The listing broker should verify as much information about the contract as possible. The licensee is responsible to the parties to make sure the dates in the contract are met. When a contingency is tied to a date in the contract, whose responsibility is it to follow up on that date? A walk-through is not required.
An SPD should be delivered to participants within 90 days after they become covered, whether they request it or not. Plan administrators of a new plan must distribute an SPD within 120 days after the plan is established.
A home sale contingency gives buyers the time they need to sell and close before committing to a new home. Buyers can avoid owning two homes and holding two mortgages at one time while waiting for their own home to sell.
You have exchanged contracts; this means that a date for completion has been agreed between you and the seller (if you are purchasing) or between you and the buyer (if you are selling). The completion date has been inserted into the Contract and becomes your official moving day.
Completion is the point at which the property changes hands. This is the transfer of ownership of the property to the Buyer, and the payment of any unpaid balance of the purchase price to the Seller.
The completion date, put simply, is moving day. It's the date on which the seller must vacate the property and the buyer will get the keys and can move in. Fundamentally, on completion, the buyer must, through their lawyer, hand over all the remaining money required to purchase the property.
The date of completion is one that is agreed by both parties prior to exchange, commonly one or two weeks later. It is the date on which full payment is made to the seller, ownership transfers to the buyer and moving day takes place.
In real estate, a contingency refers to a clause in a purchase agreement specifying an action or requirement that must be met for the contract to become legally binding. Both the buyer and seller must agree to the terms of each contingency and sign the contract before it becomes binding.