Getting To Know Colorado Real Estate Contracts
When you sell your home, your real estate broker will present you with what seems like a myriad of contracts and forms throughout the transaction. Getting to know or familiarizing yourself with these documents can help to relieve some angst and prepare you to ask questions when it is time to sign them. Colorado Real Estate Brokers are required to only use contracts and forms which are adopted and approved by the Colorado Real Estate Commission.
What Contracts Are Used and When
Under Contract
Contracts Needed to Get Your Home Listed
The following documents are needed before a Colorado Real Estate Broker can list your home for sale.
Definitions Of Working Relationships
This document is not a contract, but discloses the different types of Brokerage Relationships that are available in Colorado.
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Exclusive Right to Sell Listing Contract
This is the contract between the Seller and the Broker. This contract gives the Broker permission to sell (or lease) your property. It describes the responsibilities of both the Broker and the Seller, dictates the price and terms the Seller would be willing to accept and spells out the compensation for both the Listing Broker and the Cooperating (buyers) Broker.
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Contracts Needed to Go Under Contract
In order for your home to officially go ‘under contract’, these contracts will need to be signed by both the Buyers and the Sellers.
Contract to Buy and Sell Real Estate
This is the contract between the Buyer and the Seller. The contract spells out the details of the contract including price, terms, dates, document deadlines, inclusions, exclusions and termination provisions. Before it is accepted, this document is referred to as an offer. If both the Buyer and Seller agree to and sign the Contract – you are under contract.
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Counterproposal
This contract is only needed when the seller wants to counter or change the offer received by the buyer. Anything in the contract can be countered, if the Buyer and Seller both agree to and sign the Counterproposal – you are under contract.
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Disclosures and Forms Needed When Your Home Goes Under Contract
These documents will be required once your home goes under contract. I typically ask my Sellers to complete these documents before we go under contract so that they are ready to go once we get an offer.
Seller's Property Disclosure
This is where the Seller discloses to the Buyer any known material defects and adverse material facts
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Square Footage Disclosure
This document discloses to the Buyer where the square footage measurements we supplied came from. It also informs the Buyer that square footage is approximate and they should independently verify it if they are concerned.
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Lead Based Paint Obligations of The Seller
If your home was built before 1978, it may contain lead based paint. This document tells the Seller what their legal obligations are regarding Lead Based Paint Disclosure in Colorado.
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Lead Based Paint Disclosure
This is where the Seller discloses to the Buyer if they have any knowledge or documents relating to lead based paint in the home.
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Closing Instructions
This document gives the Title Company permission to close the transaction; gather all of the required documents and information about the Buyers, Sellers and Property; and collect and disburse the funds.
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