Sign Colorado Travel Agency Agreement Myself

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today we're talking about the dates and deadlines section of the colorado contract when you are buying a house let's get started hi julie abel here with the able team keller williams realty in beautiful estes park colorado today we're going to be talking about the dates and deadlines section of the contract to buy and sell so you've been working with your agent now for weeks or months you've been looking at property online you've gone out and started looking at property and you have finally found the one you have your earnest money ready in your accounts you are pre-approved for your loan or you have all your cash secured you are ready to write the offer and get it submitted the next important thing you need to understand about the contract is the dates and deadlines section in some states this is known as your contingency dates or your due diligence dates in the colorado contract it's called dates and deadlines and there's over 30 of them they're very important so let's get started talking about what you need to know the first thing you need to understand is that this is a legally binding contract and so your offer between that you're presenting to the seller is binding between both of you so you have to use these dates and deadlines as your rights as the buyer you want to make sure that the dates that you put forward work for you because they're your rights good communication with your buyer's agent is key you don't want to put any dates on the contract that don't work for you that you're not going to be able to review or perform during those dates and deadlines so let me give you an example of how this looks during the inspection section of your dates and deadlines you probably don't want to get married in the middle of that so like i said be sure you have really good communication also good communication between your buyer's agent and the listing agent on this section of the contract is really important one thing that a seller could come back and counter you on once you present your offer is the dates and deadlines section if one of those dates don't work for them specifically closing so that's why you need to understand this is a contract and treat it as such when you're working with your agent the second thing you need to know about the contract dates and deadlines is this is your time to get comfortable with everything about the property you are going to immerse yourself in all of the information that you can get about this property you're going to drive around the neighborhood you are going to have this time to review things from the seller so it's really important let's go over what all of those sections of the dates and deadlines look like the first section of the dates and deadlines that you're going to be reviewing is title paperwork this comes to you in a secure email from the title company and at this point you get to review as a buyer whether or not the property that you're purchasing has clean title you will also be able to see if there are any liens mechanics liens on the property and by reading through you get all of the history on the property so you can be comfortable moving forward as a buyer if you have any questions about the title paperwork be sure to ask your agent and the title company you're working with just so you understand what the title work looks like the next section of the dates and deadlines part of the contract you're going to be reviewing are hoa documents so during this period is your time if the property that you're purchasing has an active hoa what does that look like what is their reserve do they have cash reserve to replace roofs um is there a pet policy that's a big one that we get asked a lot what is their policy on being able to have a vacation rental license or not or regular long-term rentals all of these questions you'll want to ask during your review of the hoa documents once you've gotten through the hoa section of your dates and deadlines portion of the contract you're going to move on to the seller's property disclosure you may have seen the seller's property disclosure early in the process but there is a specific date and deadline in the contract that you have as a buyer to review this this is the document that the seller puts forward that they list everything that they know about the property since they've owned it so if you've got any questions about the seller's property disclosure with any of the improvements that the seller may have put on that or information about utilities that's listed be sure to ask your agent another section during the dates and deadlines portion of the contract that you're going to have time as a buyer is your time to apply for a loan should you need one for the property and review all of your terms and conditions with your lender on your mortgage so this is a really important and sometimes lengthy portion of the contract most of the time a loan will take at least 30 days in colorado so just be mindful of that during this time if the property needs an appraisal done your appraisal dates and deadlines will be set as well so make sure that coincides with your lender and work again work with your agent and make sure that you have good communication about when you're setting these dates and deadlines another dates and deadlines section of the contract that you may have to review as a buyer is a survey or improvement location certificate should the title company want one the seller also may already have one on the property and they may present that to you as the buyer for you to review and that may work you obviously you don't need this if you're purchasing a condo but it is a separate section in the contract that you need to be aware of the last really time intensive section of the dates and deadlines portion of the contract is your inspection period as a buyer this is so important in the state of colorado you can hire a professional to inspect the property for you or you can do it yourself so if you want to hire a professional to do an inspection on your property be sure to talk with your agent to get referrals or you may know an inspector that you want to use this is your time to make sure everything is in working condition for you to check the foundation for you to check all the appliances most inspectors will have a really detailed checklist for their inspection process during this section of the dates and deadlines you'll also have opportunity to get insurance on the property and finally the last section of the dates and deadline section of the contract is your closing date and when you're going to disburse funds to purchase the property when that's done you've signed the contract that's closing day and you are done with the dates and deadlines section of the contract so that is what all of the dates and deadlines are in the contract during this time if you discover anything that you don't like during those dates and deadlines you can cancel the contract and get your earnest money back let me give you an example of what that looks like so by the time you have applied for the loan on your property and rates interest rates have gone up really high and you haven't had a chance to lock down your rate and you don't like what that payment would look like you can cancel the contract you need to be moving forward in all your dates and deadlines in good faith but if it's during that section that's your opportunity as a buyer to cancel and not be at risk or breach of contract of losing your earnest money be sure to communicate on a daily basis with your agent of what this looks like so that you don't miss any of those dates so as a buyer you really want to make sure that you understand what needs to happen and get your due diligence in about the property during these dates and deadlines because if you sail past all of these dates and you're just given approval without really reviewing them you could miss something let me give you an example of how this could play out say you purchased a property that has an hoa and you really didn't pay attention to what the hoa allows and you have always wanted to own a baby goat but in the hoa no baby goats allowed so you're past all of those and you're now living in this property you've closed you're now living in this property for a month and you think you're going to go buy a baby goat no you're not a hobby farm is never going to be in your future because you didn't look at the dates and deadlines you didn't ask so that's an example kind of silly example of why this is important but make sure if things are important for you that they work and they fit within the property structure especially in those dates and deadlines ahead of time finally good communication with your agent is key and i know i've said this like a hundred times in this video i did because it is so important it is your key as a buyer to success for getting through the contract with no hitches and getting your dream property in estes park i hope this video has been helpful for you if it has please give us a like and subscribe to our channel if you want more information about purchasing property in estes park we want to be a resource for you also you can check out our other videos and do not get a baby goat if your hoa doesn't allow it don't do it it'd be bad bye