Fill and Sign the Division of Real Estate Contracts and Forms Coloradogov

CO-00472 ~ Colorado Real Estate Contracts INSTRUCTIONS Two contracts are included. The first is for normal sales situations, when the property is not in foreclosure and mortgage payments (if any) are current. If brokers are not used, place an X over sections dealing with brokers. The second contract MUST be used IN FORECLOSURE SITUATIONS if the Colorado Foreclosure Protection Act applies to the transaction. (In this case, don’t use the first contract mentioned above.) The Foreclosure Protection Act generally applies when: (1) the Property is residential, (2) the Property is Seller’s principal place of residence, (3) any loan secured by the Property is at least thirty days delinquent or in default, (4) Buyer does not reside in the Property for at least one year and (5) Buyer is subject to the Act. Buyer and Seller are advised to consult their own local attorneys when conveying property to which provisions of the Foreclosure Protection Act apply.
The second document, the settlement agreement, may be included if it is a binding contract and also if it is enforceable and is not in violation of any other provision of the mortgage loan act. The two types of documents are presented in alphabetical order, with the last document listed first. For all of the contracts, there should be a blank space for seller. The first document deals with the seller’s role while the second deals with the buyer’s role The seller agreement must be included with the other documents. The seller will receive a signed copy of both documents. All buyers will receive copies of the documents. The following information are required: first, the seller will need to list the property number, property street address, city, state and zip code. If the seller does not know these, you will need to provide this information. After this, you may state how the seller should refer to the property (mr. [name], or mrs. Smith) during an off-the-record meeting, but you must not state how the seller should refer to the buyer (mr. Smith, or mrs. Smith). If you do not sell the property, you’ll be required to sign a contract to release the seller and agree not to sue. If you decide you do not want to sell the property, the sale price is to be 2, you may agree to any other terms contained in the sale agreement to be recorded. The seller may ask for a list of other buyers that may be willing to purchase the property.   (please only use this information to obtain the list, not to obtain the purchase price). If there are other buyers, the seller must sign a separate agreement with each of them. Each agreement is to be recorded. The seller will be required to notify the buyer of any new buyer(s) before the first transfer of title. When the first title transfer occurs after the seller is told of a new buyer, the first transfer will be on behalf of the buyer(s). If these documents are not properly completed, the buyer may be held liable for the seller’s costs The buyer may use a title search service to prepare the necessary documents. The buyer may