Colorado real estate contracts

When a buyer wants to purchase your home, the buyer's agent will present to your listing agent a Contract to Buy & Sell Real Estate. This is a Colorado-specific and standard legally-binding contract. All Colorado real estate agents use the same standard contract although it might be branded with the brokers company name and logo. (One exception is if the agent also happens to be a lawyer or has a lawyer that creates different than standard contracts. New home builders typically uses there own contracts prepared by their own lawyers.)

There are many items to review and consider in the contract such as:

The offered purchase price
The dates for inspection, loan commitment, closing, possession, acceptance, etc.
The buyers financial ability / strength
Who pays for various fees like the cost of appraisal, transfer fees, closing fees, etc.
Additional provisions that could change the complexion of the entire offer

Unless you are familiar with this contract, you are going to need an experienced Realtor and/or a lawyer to explain the offer and provide advice. You can accept the offer as presented, reject it, ignore it and just let it expire, or counter the offer with terms that are acceptable to you. The ultimate decision will be yours to make but it helps to have someone who deals with these contracts all of the time at your side. Contact me to learn more about contract negotiation strategies.

Step 6: Inspection Procedures...