Licensee Buy-Out Addendum to Contract to Buy and Sell Real Estate: This is an official Colorado Real Estate Commission form that complies with all applicable Colorado codes and statutes. USLF amends and updates all Colorado forms as is required by Colorado statutes and law.
Colorado Springs Colorado Licensee Buyout Addendum to Contract to Buy and Sell Real Estate
Category:
State:
Colorado
City:
Colorado Springs
Control #:
CO-RE-LB36
Format:
PDF
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FAQ
It is intended to prevent improprieties and conflicts of interest in licensee/client transactions, as well as to make sellers contractually aware of the potential differences in selling to a licensed real estate professional as opposed to conventional buyers.
In the state of Colorado one agent cannot represent both the buyer and seller.
A buyer breaches the contract by not paying the earnest money at the agreed time. A buyer can be liable for the amount of the earnest money even if it is not paid.
According to Rule F, the rule that specifically give guidelines regarding Commission-approved forms: A broker who is not a principal party to the contract may not insert personal provisions, personal disclaimers or exculpatory language in favor of the broker in the ?Additional Provisions? section of a Commission-
A licensee buyout addendum is a form used in certain real estate and property transactions in the state of Colorado. The LBA is used only in the purchase and sale of properties between licensed real estate professionals and their own clients.
They don't have any opportunities to terminate the contract unless the buyer provides those opportunities. Once a buyer is under contract that property is theirs to buy, or not. If the contract is followed, the buyer can terminate the sale with a valid reason and receive 100% of their earnest money back.
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).
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.