Fillable Form 10: CONTRACT TO BUY AND SELL REAL

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Form 10: CONTRACT TO BUY AND SELL REAL

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CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 1 of 18
The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission.
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(CBS1-5-19) (Mandatory 7-19)
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THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR
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OTHER COUNSEL BEFORE SIGNING.
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6
CONTRACT TO BUY AND SELL REAL ESTATE
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(RESIDENTIAL)
8
9
Date:
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AGREEMENT
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1. AGREEMENT. Buyer agrees to buy and Seller agrees to sell the Property described below on the terms and conditions set
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forth in this contract (Contract).
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2. PARTIES AND PROPERTY.
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2.1. Buyer. (Buyer) will take title
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to the Property described below as Joint Tenants Tenants In Common Other .
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2.2. No Assignability. This Contract IS NOT assignable by Buyer unless otherwise specified in Additional Provisions.
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2.3. Seller. (Seller) is the current
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owner of the Property described below.
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2.4. Property. The Property is the following legally described real estate in the County of , Colorado:
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21
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known as No. ,
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Street Address City State Zip
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together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto and all interest of
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Seller in vacated streets and alleys adjacent thereto, except as herein excluded (Property).
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2.5. Inclusions. The Purchase Price includes the following items (Inclusions):
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2.5.1. Inclusions – Attached. If attached to the Property on the date of this Contract, the following items are
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included unless excluded under Exclusions: lighting, heating, plumbing, ventilating and air conditioning units, TV antennas, inside
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telephone, network and coaxial (cable) wiring and connecting blocks/jacks, plants, mirrors, floor coverings, intercom systems, built-
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in kitchen appliances, sprinkler systems and controls, built-in vacuum systems (including accessories) and garage door openers
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(including _______ remote controls). If checked, the following are owned by the Seller and included (leased items should be listed
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under Due Diligence Documents): None Solar Panels Water Softeners Security Systems Satellite Systems
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(including satellite dishes). If any additional items are attached to the Property after the date of this Contract, such additional items
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are also included in the Purchase Price.
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2.5.2. Inclusions – Not Attached. If on the Property, whether attached or not, on the date of this Contract, the
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following items are included unless excluded under Exclusions: storm windows, storm doors, window and porch shades, awnings,
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blinds, screens, window coverings and treatments, curtain rods, drapery rods, fireplace inserts, fireplace screens, fireplace grates,
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heating stoves, storage sheds, carbon monoxide alarms, smoke/fire detectors and all keys.
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2.5.3. Personal Property – Conveyance. Any personal property must be conveyed at Closing by Seller free and
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clear of all taxes (except personal property taxes for the year of Closing), liens and encumbrances, except .
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Conveyance of all personal property will be by bill of sale or other applicable legal instrument.
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2.5.4. Other Inclusions. The following items, whether fixtures or personal property, are also included in the
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Purchase Price:
47
48
49
50
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If the box is checked, Buyer and Seller have concurrently entered into a separate agreement for additional personal
52
property outside of this Contract.
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CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 2 of 18
2.5.5. Parking and Storage Facilities. The use or ownership of the following parking facilities:
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; and the use or ownership of the following storage facilities: .
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Note to Buyer: If exact rights to the parking and storage facilities is a concern to Buyer, Buyer should investigate.
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2.6. Exclusions. The following items are excluded (Exclusions):
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58
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2.7. Water Rights/Well Rights.
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2.7.1. Deeded Water Rights. The following legally described water rights:
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64
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Any deeded water rights will be conveyed by a good and sufficient deed at Closing.
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2.7.2. Other Rights Relating to Water. The following rights relating to water not included in §§ 2.7.1, 2.7.3 and
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2.7.4, will be transferred to Buyer at Closing:
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70
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2.7.3. Well Rights. Seller agrees to supply required information to Buyer about the well. Buyer understands that if
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the well to be transferred is a “Small Capacity Well” or a “Domestic Exempt Water Well” used for ordinary household purposes,
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Buyer must, prior to or at Closing, complete a Change in Ownership form for the well. If an existing well has not been registered
74
with the Colorado Division of Water Resources in the Department of Natural Resources (Division), Buyer must complete a
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registration of existing well form for the well and pay the cost of registration. If no person will be providing a closing service in
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connection with the transaction, Buyer must file the form with the Division within sixty days after Closing. The Well Permit # is
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.
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2.7.4. Water Stock Certificates. The water stock certificates to be transferred at Closing are as follows:
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2.7.5. Conveyance. If Buyer is to receive any rights to water pursuant to § 2.7.2 (Other Rights Relating to Water),
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§ 2.7.3 (Well Rights), or § 2.7.4 (Water Stock Certificates), Seller agrees to convey such rights to Buyer by executing the applicable
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legal instrument at Closing.
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3. DATES, DEADLINES AND APPLICABILITY.
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3.1. Dates and Deadlines.
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Item No.
Reference
Event
Date or Deadline
1
§ 4.3
Alternative Earnest Money Deadline
Title
2
§ 8.1, §
8.4
Record Title Deadline
3
§ 8.2, §
8.4
Record Title Objection Deadline
4
§ 8.3
Off-Record Title Deadline
5
§ 8.3
Off-Record Title Objection Deadline
6
§ 8.5
Title Resolution Deadline
7
§ 8.6
Right of First Refusal Deadline
Owners’ Association
8
§ 7.2
Association Documents Deadline
9
§ 7.4
Association Documents Termination Deadline
Seller’s Disclosures
10
§ 10.1
Seller’s Property Disclosure Deadline
11
§ 10.10
Lead-Based Paint Disclosure Deadline
Loan and Credit
12
§ 5.1
New Loan Application Deadline
13
§ 5.2
New Loan Termination Deadline
14
§ 5.3
Buyer’s Credit Information Deadline
15
§ 5.3
Disapproval of Buyer’s Credit Information Deadline
CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 3 of 18
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§ 5.4
Existing Loan Deadline
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§ 5.4
Existing Loan Termination Deadline
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§ 5.4
Loan Transfer Approval Deadline
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§ 4.7
Seller or Private Financing Deadline
Appraisal
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§ 6.2
Appraisal Deadline
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§ 6.2
Appraisal Objection Deadline
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§ 6.2
Appraisal Resolution Deadline
Survey
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§ 9.1
New ILC or New Survey Deadline
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§ 9.3
New ILC or New Survey Objection Deadline
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§ 9.3
New ILC or New Survey Resolution Deadline
Inspection and Due Diligence
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§ 10.3
Inspection Objection Deadline
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§ 10.3
Inspection Termination Deadline
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§ 10.3
Inspection Resolution Deadline
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§ 10.5
Property Insurance Termination Deadline
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§ 10.6
Due Diligence Documents Delivery Deadline
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§ 10.6
Due Diligence Documents Objection Deadline
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§ 10.6
Due Diligence Documents Resolution Deadline
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§ 10.7
Conditional Sale Deadline
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§ 10.10
Lead-Based Paint Termination Deadline
Closing and Possession
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§ 12.3
Closing Date
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§ 17
Possession Date
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§ 17
Possession Time
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§ 28
Acceptance Deadline Date
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§ 28
Acceptance Deadline Time
Note: If FHA or VA loan boxes are checked in § 4.5.3 (Loan Limitations), the Appraisal deadlines DO NOT apply to FHA insured
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or VA guaranteed loans.
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3.2. Applicability of Terms. Any box checked in this Contract means the corresponding provision applies. If any deadline
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blank in § 3.1 (Dates and Deadlines) is left blank or completed with the abbreviation “N/A”, or the word “Deleted,” such deadline
91
is not applicable and the corresponding provision containing the deadline is deleted. If no box is checked in a provision that contains
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a selection of “None”, such provision means that “None” applies.
93
The abbreviation “MEC” (mutual execution of this Contract) means the date upon which both parties have signed this Contract.
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4. PURCHASE PRICE AND TERMS.
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4.1. Price and Terms. The Purchase Price set forth below is payable in U.S. Dollars by Buyer as follows:
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Item No.
Item
Amount
Amount
1
Purchase Price
$
2
Earnest Money
$
3
New Loan
$
4
Assumption Balance
$
5
Private Financing
$
6
Seller Financing
$
7
8
9
Cash at Closing
$
10
TOTAL
$
$
4.2. Seller Concession. At Closing, Seller will credit to Buyer $______________ (Seller Concession). The Seller
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Concession may be used for any Buyer fee, cost, charge or expenditure to the extent the amount is allowed by the Buyer’s lender
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and is included in the Closing Statement or Closing Disclosure at Closing. Examples of allowable items to be paid for by the Seller
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CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 4 of 18
Concession include, but are not limited to: Buyer’s closing costs, loan discount points, loan origination fees, prepaid items and any
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other fee, cost, charge, expense or expenditure. Seller Concession is in addition to any sum Seller has agreed to pay or credit Buyer
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elsewhere in this Contract.
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4.3. Earnest Money. The Earnest Money set forth in this Section, in the form of a ______________________, will be
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payable to and held by ________________________________________ (Earnest Money Holder), in its trust account, on behalf of
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both Seller and Buyer. The Earnest Money deposit must be tendered, by Buyer, with this Contract unless the parties mutually agree
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to an Alternative Earnest Money Deadline for its payment. The parties authorize delivery of the Earnest Money deposit to the
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company conducting the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money Holder has agreed to
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have interest on Earnest Money deposits transferred to a fund established for the purpose of providing affordable housing to Colorado
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residents, Seller and Buyer acknowledge and agree that any interest accruing on the Earnest Money deposited with the Earnest
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Money Holder in this transaction will be transferred to such fund.
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4.3.1. Alternative Earnest Money Deadline. The deadline for delivering the Earnest Money, if other than at the
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time of tender of this Contract, is as set forth as the Alternative Earnest Money Deadline.
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4.3.2. Return of Earnest Money. If Buyer has a Right to Terminate and timely terminates, Buyer is entitled to the
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return of Earnest Money as provided in this Contract. If this Contract is terminated as set forth in § 25 and, except as provided in
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§ 24 (Earnest Money Dispute), if the Earnest Money has not already been returned following receipt of a Notice to Terminate, Seller
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agrees to execute and return to Buyer or Broker working with Buyer, written mutual instructions (e.g., Earnest Money Release form),
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within three days of Seller’s receipt of such form.
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4.4. Form of Funds; Time of Payment; Available Funds.
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4.4.1. Good Funds. All amounts payable by the parties at Closing, including any loan proceeds, Cash at Closing
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and closing costs, must be in funds that comply with all applicable Colorado laws, including electronic transfer funds, certified
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check, savings and loan teller’s check and cashier’s check (Good Funds).
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4.4.2. Time of Payment; Available Funds. All funds, including the Purchase Price to be paid by Buyer, must be
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paid before or at Closing or as otherwise agreed in writing between the parties to allow disbursement by Closing Company at Closing
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OR SUCH NONPAYING PARTY WILL BE IN DEFAULT. Buyer represents that Buyer, as of the date of this Contract, Does
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Does Not have funds that are immediately verifiable and available in an amount not less than the amount stated as Cash at Closing
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in § 4.1.
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4.5. New Loan.
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4.5.1. Buyer to Pay Loan Costs. Buyer, except as otherwise permitted in § 4.2 (Seller Concession), if applicable,
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must timely pay Buyer’s loan costs, loan discount points, prepaid items and loan origination fees as required by lender.
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4.5.2. Buyer May Select Financing. Buyer may pay in cash or select financing appropriate and acceptable to
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Buyer, including a different loan than initially sought, except as restricted in § 4.5.3 (Loan Limitations) or § 30 (Additional
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Provisions).
132
4.5.3. Loan Limitations. Buyer may purchase the Property using any of the following types of loans:
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Conventional FHA VA Bond Other .
134
4.5.4. Loan Estimate – Monthly Payment and Loan Costs. Buyer is advised to review the terms, conditions and
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costs of Buyer’s New Loan carefully. If Buyer is applying for a residential loan, the lender generally must provide Buyer with a
136
Loan Estimate within three days after Buyer completes a loan application. Buyer also should obtain an estimate of the amount of
137
Buyer’s monthly mortgage payment.
138
4.6. Assumption. Buyer agrees to assume and pay an existing loan in the approximate amount of the Assumption Balance
139
set forth in § 4.1 (Price and Terms), presently payable at $______________ per ________________ including principal and interest
140
presently at the rate of ________% per annum and also including escrow for the following as indicated: Real Estate Taxes
141
Property Insurance Premium Mortgage Insurance Premium and .
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Buyer agrees to pay a loan transfer fee not to exceed $_____________. At the time of assumption, the new interest rate will
143
not exceed ________% per annum and the new payment will not exceed $_____________ per ________________ principal and
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interest, plus escrow, if any. If the actual principal balance of the existing loan at Closing is less than the Assumption Balance, which
145
causes the amount of cash required from Buyer at Closing to be increased by more than $_____________, or if any other terms or
146
provisions of the loan change, Buyer has the Right to Terminate under § 25.1 on or before Closing Date.
147
Seller Will Will Not be released from liability on said loan. If applicable, compliance with the requirements for release
148
from liability will be evidenced by delivery on or before Loan Transfer Approval Deadline at Closing of an appropriate
149
letter of commitment from lender. Any cost payable for release of liability will be paid by in an amount
150
not to exceed $_____________.
151
4.7. Seller or Private Financing.
152
WARNING: Unless the transaction is exempt, federal and state laws impose licensing, other requirements and restrictions on sellers
153
and private financiers. Contract provisions on financing and financing documents, unless exempt, should be prepared by a licensed
154
Colorado attorney or licensed mortgage loan originator. Brokers should not prepare or advise the parties on the specifics of financing,
155
including whether or not a party is exempt from the law.
156
CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 5 of 18
4.7.1. Seller Financing. If Buyer is to pay all or any portion of the Purchase Price with Seller financing, Buyer
157
Seller will deliver the proposed Seller financing documents to the other party on or before _________ days before Seller or
158
Private Financing Deadline.
159
4.7.1.1. Seller May Terminate. If Seller is to provide Seller financing, this Contract is conditional upon
160
Seller determining whether such financing is satisfactory to the Seller, including its payments, interest rate, terms, conditions, cost
161
and compliance with the law. Seller has the Right to Terminate under § 25.1, on or before Seller or Private Financing Deadline, if
162
such Seller financing is not satisfactory to Seller, in Seller’s sole subjective discretion.
163
4.7.2. Buyer May Terminate. If Buyer is to pay all or any portion of the Purchase Price with Seller or private
164
financing, this Contract is conditional upon Buyer determining whether such financing is satisfactory to Buyer, including its
165
availability, payments, interest rate, terms, conditions and cost. Buyer has the Right to Terminate under § 25.1, on or before Seller
166
or Private Financing Deadline, if such Seller or private financing is not satisfactory to Buyer, in Buyer’s sole subjective discretion.
167
TRANSACTION PROVISIONS
168
5. FINANCING CONDITIONS AND OBLIGATIONS.
169
5.1. New Loan Application. If Buyer is to pay all or part of the Purchase Price by obtaining one or more new loans (New
170
Loan), or if an existing loan is not to be released at Closing, Buyer, if required by such lender, must make an application verifiable
171
by such lender, on or before New Loan Application Deadline and exercise reasonable efforts to obtain such loan or approval.
172
5.2. New Loan Review. If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is conditional
173
upon Buyer determining, in Buyer’s sole subjective discretion, whether the New Loan is satisfactory to Buyer, including its
174
availability, payments, interest rate, terms, conditions and cost. This condition is for the sole benefit of Buyer. Buyer has the Right
175
to Terminate under § 25.1, on or before New Loan Termination Deadline, if the New Loan is not satisfactory to Buyer, in Buyer’s
176
sole subjective discretion. Buyer does not have a Right to Terminate based on the New Loan if the objection is based on the Appraised
177
Value (defined below) or the Lender Requirements (defined below). IF SELLER IS NOT IN DEFAULT AND DOES NOT
178
TIMELY RECEIVE BUYER’S WRITTEN NOTICE TO TERMINATE, BUYER’S EARNEST MONEY WILL BE
179
NONREFUNDABLE, except as otherwise provided in this Contract (e.g., Appraisal, Title, Survey).
180
5.3. Credit Information. If an existing loan is not to be released at Closing, this Contract is conditional (for the sole benefit
181
of Seller) upon Seller’s approval of Buyer’s financial ability and creditworthiness, which approval will be in Seller’s sole subjective
182
discretion. Accordingly: (1) Buyer must supply to Seller by Buyer’s Credit Information Deadline, at Buyer’s expense, information
183
and documents (including a current credit report) concerning Buyer’s financial, employment and credit condition; (2) Buyer consents
184
that Seller may verify Buyer’s financial ability and creditworthiness; and (3) any such information and documents received by Seller
185
must be held by Seller in confidence and not released to others except to protect Seller’s interest in this transaction. If the Cash at
186
Closing is less than as set forth in § 4.1 of this Contract, Seller has the Right to Terminate under § 25.1, on or before Closing. If
187
Seller disapproves of Buyer’s financial ability or creditworthiness, in Seller’s sole subjective discretion, Seller has the Right to
188
Terminate under § 25.1, on or before Disapproval of Buyer’s Credit Information Deadline.
189
5.4. Existing Loan Review. If an existing loan is not to be released at Closing, Seller must deliver copies of the loan
190
documents (including note, deed of trust and any modifications) to Buyer by Existing Loan Deadline. For the sole benefit of Buyer,
191
this Contract is conditional upon Buyer’s review and approval of the provisions of such loan documents. Buyer has the Right to
192
Terminate under § 25.1, on or before Existing Loan Termination Deadline, based on any unsatisfactory provision of such loan
193
documents, in Buyer’s sole subjective discretion. If the lender’s approval of a transfer of the Property is required, this Contract is
194
conditional upon Buyer obtaining such approval without change in the terms of such loan, except as set forth in § 4.6. If lender’s
195
approval is not obtained by Loan Transfer Approval Deadline, this Contract will terminate on such deadline. Seller has the Right
196
to Terminate under § 25.1, on or before Closing, in Seller’s sole subjective discretion, if Seller is to be released from liability under
197
such existing loan and Buyer does not obtain such compliance as set forth in § 4.6.
198
6. APPRAISAL PROVISIONS.
199
6.1. Appraisal Definition. An “Appraisal” is an opinion of value prepared by a licensed or certified appraiser, engaged on
200
behalf of Buyer or Buyer’s lender, to determine the Property’s market value (Appraised Value). The Appraisal may also set forth
201
certain lender requirements, replacements, removals or repairs necessary on or to the Property as a condition for the Property to be
202
valued at the Appraised Value.
203
6.2. Appraisal Condition. The applicable appraisal provision set forth below applies to the respective loan type set forth
204
in § 4.5.3, or if a cash transaction (i.e. no financing), § 6.2.1 applies.
205
6.2.1. Conventional/Other. Buyer has the right to obtain an Appraisal. If the Appraised Value is less than the
206
Purchase Price, or if the Appraisal is not received by Buyer on or before Appraisal Deadline Buyer may, on or before Appraisal
207
Objection Deadline:
208
6.2.1.1. Notice to Terminate. Notify Seller in writing, pursuant to § 25.1, that this Contract is terminated;
209
or
210
6.2.1.2. Appraisal Objection. Deliver to Seller a written objection accompanied by either a copy of the
211
Appraisal or written notice from lender that confirms the Appraised Value is less than the Purchase Price (Lender Verification).
212
CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 6 of 18
6.2.1.3. Appraisal Resolution. If an Appraisal Objection is received by Seller, on or before Appraisal
213
Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Appraisal Resolution
214
Deadline, this Contract will terminate on the Appraisal Resolution Deadline, unless Seller receives Buyer’s written withdrawal of
215
the Appraisal Objection before such termination, i.e., on or before expiration of Appraisal Resolution Deadline.
216
6.2.2. FHA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the purchaser (Buyer)
217
shall not be obligated to complete the purchase of the Property described herein or to incur any penalty by forfeiture of Earnest
218
Money deposits or otherwise unless the purchaser (Buyer) has been given, in accordance with HUD/FHA or VA requirements, a
219
written statement issued by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement lender,
220
setting forth the appraised value of the Property of not less than $______________. The purchaser (Buyer) shall have the privilege
221
and option of proceeding with the consummation of this Contract without regard to the amount of the appraised valuation. The
222
appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will
223
insure. HUD does not warrant the value nor the condition of the Property. The purchaser (Buyer) should satisfy himself/herself that
224
the price and condition of the Property are acceptable.
225
6.2.3. VA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the purchaser (Buyer)
226
shall not incur any penalty by forfeiture of Earnest Money or otherwise or be obligated to complete the purchase of the Property
227
described herein, if the Contract Purchase Price or cost exceeds the reasonable value of the Property established by the Department
228
of Veterans Affairs. The purchaser (Buyer) shall, however, have the privilege and option of proceeding with the consummation of
229
this Contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs.
230
6.3. Lender Property Requirements. If the lender imposes any written requirements, replacements, removals or repairs,
231
including any specified in the Appraisal (Lender Requirements) to be made to the Property (e.g., roof repair, repainting), beyond
232
those matters already agreed to by Seller in this Contract, this Contract terminates on the earlier of three days following Seller’s
233
receipt of the Lender Requirements, or Closing, unless prior to termination: (1) the parties enter into a written agreement to satisfy
234
the Lender Requirements; (2) the Lender Requirements have been completed; or (3) the satisfaction of the Lender Requirements is
235
waived in writing by Buyer.
236
6.4. Cost of Appraisal. Cost of the Appraisal to be obtained after the date of this Contract must be timely paid by Buyer
237
Seller. The cost of the Appraisal may include any and all fees paid to the appraiser, appraisal management company, lender’s
238
agent or all three.
239
7. OWNERS’ ASSOCIATION. This Section is applicable if the Property is located within a Common Interest Community and
240
subject to the declaration (Association).
241
7.1. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A COMMON
242
INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY. THE OWNER OF
243
THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS’ ASSOCIATION FOR THE
244
COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE
245
ASSOCIATION. THE DECLARATION, BYLAWS AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL
246
OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS
247
OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION COULD
248
PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS
249
AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING
250
CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A
251
COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF
252
PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL
253
OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE
254
DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE
255
ASSOCIATION.
256
7.2. Association Documents to Buyer. Seller is obligated to provide to Buyer the Association Documents (defined below),
257
at Seller’s expense, on or before Association Documents Deadline. Seller authorizes the Association to provide the Association
258
Documents to Buyer, at Seller’s expense. Seller’s obligation to provide the Association Documents is fulfilled upon Buyer’s receipt
259
of the Association Documents, regardless of who provides such documents.
260
7.3. Association Documents. Association documents (Association Documents) consist of the following:
261
7.3.1. All Association declarations, articles of incorporation, bylaws, articles of organization, operating agreements,
262
rules and regulations, party wall agreements and the Association’s responsible governance policies adopted under § 38-33.3-209.5,
263
C.R.S.;
264
7.3.2. Minutes of: (1) the annual owners’ or members’ meeting and (2) any executive boards’ or managers’ meetings;
265
such minutes include those provided under the most current annual disclosure required under § 38-33.3-209.4, C.R.S. (Annual
266
Disclosure) and minutes of meetings, if any, subsequent to the minutes disclosed in the Annual Disclosure. If none of the preceding
267
minutes exist, then the most recent minutes, if any (§§ 7.3.1 and 7.3.2, collectively, Governing Documents); and
268
7.3.3. List of all Association insurance policies as provided in the Association’s last Annual Disclosure, including,
269
but not limited to, property, general liability, association director and officer professional liability and fidelity policies. The list must
270
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include the company names, policy limits, policy deductibles, additional named insureds and expiration dates of the policies listed
271
(Association Insurance Documents);
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7.3.4. A list by unit type of the Association’s assessments, including both regular and special assessments as
273
disclosed in the Association’s last Annual Disclosure;
274
7.3.5. The Association’s most recent financial documents which consist of: (1) the Association’s operating budget
275
for the current fiscal year, (2) the Association’s most recent annual financial statements, including any amounts held in reserve for
276
the fiscal year immediately preceding the Association’s last Annual Disclosure, (3) the results of the Association’s most recent
277
available financial audit or review, (4) list of the fees and charges (regardless of name of title of such fees or charges) that the
278
Association’s community association manager or Association will charge in connection with the Closing including, but not limited
279
to, any fee incident to the issuance of the Association’s statement of assessments (Status Letter), any rush or update fee charged for
280
the Status Letter, any record change fee or ownership record transfer fees (Record Change Fee), fees to access documents, (5) list of
281
all assessments required to be paid in advance, reserves or working capital due at Closing and (6) reserve study, if any (§§ 7.3.4 and
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7.3.5, collectively, Financial Documents);
283
7.3.6. Any written notice from the Association to Seller of a “construction defect action” under § 38-33.3-303.5,
284
C.R.S. within the past six months and the result of whether the Association approved or disapproved such action (Construction
285
Defect Documents). Nothing in this Section limits the Seller’s obligation to disclose adverse material facts as required under § 10.2
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(Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition) including any problems or defects in the common
287
elements or limited common elements of the Association property.
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7.4. Conditional on Buyer’s Review. Buyer has the right to review the Association Documents. Buyer has the Right to
289
Terminate under § 25.1, on or before Association Documents Termination Deadline, based on any unsatisfactory provision in any
290
of the Association Documents, in Buyer’s sole subjective discretion. Should Buyer receive the Association Documents after
291
Association Documents Deadline, Buyer, at Buyer’s option, has the Right to Terminate under § 25.1 by Buyer’s Notice to
292
Terminate received by Seller on or before ten days after Buyer’s receipt of the Association Documents. If Buyer does not receive
293
the Association Documents, or if Buyer’s Notice to Terminate would otherwise be required to be received by Seller after Closing
294
Date, Buyer’s Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer’s Notice to
295
Terminate within such time, Buyer accepts the provisions of the Association Documents as satisfactory and Buyer waives any Right
296
to Terminate under this provision, notwithstanding the provisions of § 8.6 (Right of First Refusal or Contract Approval).
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8. TITLE INSURANCE, RECORD TITLE AND OFF-RECORD TITLE.
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8.1. Evidence of Record Title.
299
8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will select the title insurance
300
company to furnish the owner’s title insurance policy at Seller’s expense. On or before Record Title Deadline, Seller must furnish
301
to Buyer, a current commitment for an owner’s title insurance policy (Title Commitment), in an amount equal to the Purchase Price,
302
or if this box is checked, an Abstract of Title certified to a current date. Seller will cause the title insurance policy to be issued
303
and delivered to Buyer as soon as practicable at or after Closing.
304
8.1.2. Buyer Selects Title Insurance Company. If this box is checked, Buyer will select the title insurance
305
company to furnish the owner’s title insurance policy at Buyer’s expense. On or before Record Title Deadline, Buyer must furnish to
306
Seller, a current commitment for owner’s title insurance policy (Title Commitment), in an amount equal to the Purchase Price.
307
If neither box in § 8.1.1 or § 8.1.2 is checked, § 8.1.1 applies.
308
8.1.3. Owner’s Extended Coverage (OEC). The Title Commitment Will Will Not contain Owner’s
309
Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or insure over the standard
310
exceptions which relate to: (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) unrecorded mechanics’ liens,
311
(5) gap period (period between the effective date and time of commitment to the date and time the deed is recorded) and (6) unpaid
312
taxes, assessments and unredeemed tax sales prior to the year of Closing. Any additional premium expense to obtain OEC will be
313
paid by Buyer Seller One-Half by Buyer and One-Half by Seller Other__________________________.
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Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or delete or insure over
315
any or all of the standard exceptions for OEC. The Title Insurance Company may require a New Survey or New ILC, defined below,
316
among other requirements for OEC. If the Title Insurance Commitment is not satisfactory to Buyer, Buyer has a right to object under
317
§ 8.5 (Right to Object to Title, Resolution).
318
8.1.4. Title Documents. Title Documents consist of the following: (1) copies of any plats, declarations, covenants,
319
conditions and restrictions burdening the Property and (2) copies of any other documents (or, if illegible, summaries of such
320
documents) listed in the schedule of exceptions (Exceptions) in the Title Commitment furnished to Buyer (collectively, Title
321
Documents).
322
8.1.5. Copies of Title Documents. Buyer must receive, on or before Record Title Deadline, copies of all Title
323
Documents. This requirement pertains only to documents as shown of record in the office of the clerk and recorder in the county
324
where the Property is located. The cost of furnishing copies of the documents required in this Section will be at the expense of the
325
party or parties obligated to pay for the owner’s title insurance policy.
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8.1.6. Existing Abstracts of Title. Seller must deliver to Buyer copies of any abstracts of title covering all or any
327
portion of the Property (Abstract of Title) in Seller’s possession on or before Record Title Deadline.
328
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8.2. Record Title. Buyer has the right to review and object to the Abstract of Title or Title Commitment and any of the
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Title Documents as set forth in § 8.5 (Right to Object to Title, Resolution) on or before Record Title Objection Deadline. Buyer’s
330
objection may be based on any unsatisfactory form or content of Title Commitment or Abstract of Title, notwithstanding § 13, or
331
any other unsatisfactory title condition, in Buyer’s sole subjective discretion. If the Abstract of Title, Title Commitment or Title
332
Documents are not received by Buyer on or before the Record Title Deadline, or if there is an endorsement to the Title Commitment
333
that adds a new Exception to title, a copy of the new Exception to title and the modified Title Commitment will be delivered to
334
Buyer. Buyer has until the earlier of Closing or ten days after receipt of such documents by Buyer to review and object to: (1) any
335
required Title Document not timely received by Buyer, (2) any change to the Abstract of Title, Title Commitment or Title Documents,
336
or (3) any endorsement to the Title Commitment. If Seller receives Buyer’s Notice to Terminate or Notice of Title Objection,
337
pursuant to this § 8.2 (Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.5 (Right to Object to
338
Title, Resolution). If Seller has fulfilled all Seller’s obligations, if any, to deliver to Buyer all documents required by § 8.1 (Evidence
339
of Record Title) and Seller does not receive Buyer’s Notice to Terminate or Notice of Title Objection by the applicable deadline
340
specified above, Buyer accepts the condition of title as disclosed by the Abstract of Title, Title Commitment and Title Documents
341
as satisfactory.
342
8.3. Off-Record Title. Seller must deliver to Buyer, on or before Off-Record Title Deadline, true copies of all existing
343
surveys in Seller’s possession pertaining to the Property and must disclose to Buyer all easements, liens (including, without
344
limitation, governmental improvements approved, but not yet installed) or other title matters (including, without limitation, rights of
345
first refusal and options) not shown by public records, of which Seller has actual knowledge (Off-Record Matters). This Section
346
excludes any New ILC or New Survey governed under § 9 (New ILC, New Survey). Buyer has the right to inspect the Property to
347
investigate if any third party has any right in the Property not shown by public records (e.g., unrecorded easement, boundary line
348
discrepancy or water rights). Buyer’s Notice to Terminate or Notice of Title Objection of any unsatisfactory condition (whether
349
disclosed by Seller or revealed by such inspection, notwithstanding § 8.2 (Record Title) and § 13 (Transfer of Title)), in Buyer’s
350
sole subjective discretion, must be received by Seller on or before Off-Record Title Objection Deadline. If an Off-Record Matter
351
is received by Buyer after the Off-Record Title Deadline, Buyer has until the earlier of Closing or ten days after receipt by Buyer
352
to review and object to such Off-Record Matter. If Seller receives Buyer’s Notice to Terminate or Notice of Title Objection pursuant
353
to this § 8.3 (Off-Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.5 (Right to Object to Title,
354
Resolution). If Seller does not receive Buyer’s Notice to Terminate or Notice of Title Objection by the applicable deadline specified
355
above, Buyer accepts title subject to such Off-Record Matters and rights, if any, of third parties not shown by public records of which
356
Buyer has actual knowledge.
357
8.4. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION
358
INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE
359
PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT RISK
360
FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF SUCH DEBT WHERE
361
CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH
362
INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE THE
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SPECIAL TAXING DISTRICTS IN WHICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY
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TREASURER, BY REVIEWING THE CERTIFICATE OF TAXES DUE FOR THE PROPERTY AND BY OBTAINING
365
FURTHER INFORMATION FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY CLERK AND
366
RECORDER, OR THE COUNTY ASSESSOR.
367
A tax certificate from the respective county treasurer listing any special taxing districts that effect the Property (Tax Certificate)
368
must be delivered to Buyer on or before Record Title Deadline. If the Property is located within a special taxing district and such
369
inclusion is unsatisfactory to Buyer, in Buyer’s sole subjective discretion, Buyer may object, on or before Record Title Objection
370
Deadline. If the Tax Certificate shows that the Property is included in a special taxing district and is received by Buyer after the
371
Record Title Deadline, Buyer has until the earlier of Closing or ten days after receipt by Buyer to review and object to the Property’s
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inclusion in a special taxing district as unsatisfactory to Buyer.
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8.5. Right to Object to Title, Resolution. Buyer’s right to object, in Buyer’s sole subjective discretion, to any title matters
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includes those matters set forth in § 8.2 (Record Title), § 8.3 (Off-Record Title), § 8.4 (Special Taxing District) and § 13 (Transfer
375
of Title). If Buyer objects to any title matter, on or before the applicable deadline, Buyer has the following options:
376
8.5.1. Title Objection, Resolution. If Seller receives Buyer’s written notice objecting to any title matter (Notice of
377
Title Objection) on or before the applicable deadline and if Buyer and Seller have not agreed to a written settlement thereof on or
378
before Title Resolution Deadline, this Contract will terminate on the expiration of Title Resolution Deadline, unless Seller receives
379
Buyer’s written withdrawal of Buyer’s Notice of Title Objection (i.e., Buyer’s written notice to waive objection to such items and
380
waives the Right to Terminate for that reason), on or before expiration of Title Resolution Deadline. If either the Record Title
381
Deadline or the Off-Record Title Deadline, or both, are extended pursuant to § 8.2 (Record Title), § 8.3 (Off-Record Title) or § 8.4
382
(Special Taxing Districts), the Title Resolution Deadline also will be automatically extended to the earlier of Closing or fifteen days
383
after Buyer’s receipt of the applicable documents; or
384
8.5.2. Title Objection, Right to Terminate. Buyer may exercise the Right to Terminate under § 25.1, on or before
385
the applicable deadline, based on any title matter unsatisfactory to Buyer, in Buyer’s sole subjective discretion.
386
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8.6. Right of First Refusal or Contract Approval. If there is a right of first refusal on the Property or a right to approve
387
this Contract, Seller must promptly submit this Contract according to the terms and conditions of such right. If the holder of the right
388
of first refusal exercises such right or the holder of a right to approve disapproves this Contract, this Contract will terminate. If the
389
right of first refusal is waived explicitly or expires, or the Contract is approved, this Contract will remain in full force and effect.
390
Seller must promptly notify Buyer in writing of the foregoing. If expiration or waiver of the right of first refusal or approval of this
391
Contract has not occurred on or before Right of First Refusal Deadline, this Contract will then terminate.
392
8.7. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should be reviewed
393
carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property,
394
including, without limitation, boundary lines and encroachments, set-back requirements, area, zoning, building code violations,
395
unrecorded easements and claims of easements, leases and other unrecorded agreements, water on or under the Property and various
396
laws and governmental regulations concerning land use, development and environmental matters.
397
8.7.1. OIL, GAS, WATER AND MINERAL DISCLOSURE. THE SURFACE ESTATE OF THE
398
PROPERTY MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE AND TRANSFER OF
399
THE SURFACE ESTATE MAY NOT NECESSARILY INCLUDE TRANSFER OF THE MINERAL ESTATE OR WATER
400
RIGHTS. THIRD PARTIES MAY OWN OR LEASE INTERESTS IN OIL, GAS, OTHER MINERALS, GEOTHERMAL
401
ENERGY OR WATER ON OR UNDER THE SURFACE OF THE PROPERTY, WHICH INTERESTS MAY GIVE THEM
402
RIGHTS TO ENTER AND USE THE SURFACE OF THE PROPERTY TO ACCESS THE MINERAL ESTATE, OIL,
403
GAS OR WATER.
404
8.7.2. SURFACE USE AGREEMENT. THE USE OF THE SURFACE ESTATE OF THE PROPERTY TO
405
ACCESS THE OIL, GAS OR MINERALS MAY BE GOVERNED BY A SURFACE USE AGREEMENT, A
406
MEMORANDUM OR OTHER NOTICE OF WHICH MAY BE RECORDED WITH THE COUNTY CLERK AND
407
RECORDER.
408
8.7.3. OIL AND GAS ACTIVITY. OIL AND GAS ACTIVITY THAT MAY OCCUR ON OR ADJACENT
409
TO THE PROPERTY MAY INCLUDE, BUT IS NOT LIMITED TO, SURVEYING, DRILLING, WELL COMPLETION
410
OPERATIONS, STORAGE, OIL AND GAS, OR PRODUCTION FACILITIES, PRODUCING WELLS, REWORKING
411
OF CURRENT WELLS AND GAS GATHERING AND PROCESSING FACILITIES.
412
8.7.4. ADDITIONAL INFORMATION. BUYER IS ENCOURAGED TO SEEK ADDITIONAL
413
INFORMATION REGARDING OIL AND GAS ACTIVITY ON OR ADJACENT TO THE PROPERTY, INCLUDING
414
DRILLING PERMIT APPLICATIONS. THIS INFORMATION MAY BE AVAILABLE FROM THE COLORADO OIL
415
AND GAS CONSERVATION COMMISSION.
416
8.7.5. Title Insurance Exclusions. Matters set forth in this Section and others, may be excepted, excluded from, or
417
not covered by the owner’s title insurance policy.
418
8.8. Consult an Attorney. Buyer is advised to timely consult legal counsel with respect to all such matters as there are
419
strict time limits provided in this Contract (e.g., Record Title Objection Deadline and Off-Record Title Objection Deadline).
420
9. NEW ILC, NEW SURVEY.
421
9.1. New ILC or New Survey. If the box is checked, a: 1) New Improvement Location Certificate (New ILC); or,
422
2) New Survey in the form of ___________________________________________; is required and the following will apply:
423
9.1.1. Ordering of New ILC or New Survey. Seller Buyer will order the New ILC or New Survey. The
424
New ILC or New Survey may also be a previous ILC or survey that is in the above-required form, certified and updated as of a date
425
after the date of this Contract.
426
9.1.2. Payment for New ILC or New Survey. The cost of the New ILC or New Survey will be paid, on or before
427
Closing, by: Seller Buyer or:
428
429
430
9.1.3. Delivery of New ILC or New Survey. Buyer, Seller, the issuer of the Title Commitment (or the provider of
431
the opinion of title if an Abstract of Title) and _____________________ will receive a New ILC or New Survey on or before New
432
ILC or New Survey Deadline.
433
9.1.4. Certification of New ILC or New Survey. The New ILC or New Survey will be certified by the surveyor to
434
all those who are to receive the New ILC or New Survey.
435
9.2. Buyer’s Right to Waive or Change New ILC or New Survey Selection. Buyer may select a New ILC or New
436
Survey different than initially specified in this Contract if there is no additional cost to Seller or change to the New ILC or New
437
Survey Objection Deadline. Buyer may, in Buyer’s sole subjective discretion, waive a New ILC or New Survey if done prior to
438
Seller incurring any cost for the same.
439
9.3. New ILC or New Survey Objection. Buyer has the right to review and object to the New ILC or New Survey. If the
440
New ILC or New Survey is not timely received by Buyer or is unsatisfactory to Buyer, in Buyer’s sole subjective discretion, Buyer
441
may, on or before New ILC or New Survey Objection Deadline, notwithstanding § 8.3 or § 13:
442
9.3.1. Notice to Terminate. Notify Seller in writing, pursuant to § 25.1, that this Contract is terminated; or
443
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9.3.2. New ILC or New Survey Objection. Deliver to Seller a written description of any matter that was to be
444
shown or is shown in the New ILC or New Survey that is unsatisfactory and that Buyer requires Seller to correct.
445
9.3.3. New ILC or New Survey Resolution. If a New ILC or New Survey Objection is received by Seller, on or
446
before New ILC or New Survey Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on
447
or before New ILC or New Survey Resolution Deadline, this Contract will terminate on expiration of the New ILC or New
448
Survey Resolution Deadline, unless Seller receives Buyer’s written withdrawal of the New ILC or New Survey Objection before
449
such termination, i.e., on or before expiration of New ILC or New Survey Resolution Deadline.
450
DISCLOSURE, INSPECTION AND DUE DILIGENCE
451
10. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, DUE DILIGENCE AND SOURCE OF
452
WATER.
453
10.1. Seller’s Property Disclosure. On or before Seller’s Property Disclosure Deadline, Seller agrees to deliver to Buyer
454
the most current version of the applicable Colorado Real Estate Commission’s Seller’s Property Disclosure form completed by Seller
455
to Seller’s actual knowledge and current as of the date of this Contract.
456
10.2. Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition. Seller must disclose to Buyer
457
any adverse material facts actually known by Seller as of the date of this Contract. Seller agrees that disclosure of adverse material
458
facts will be in writing. In the event Seller discovers an adverse material fact after the date of this Contract, Seller must timely
459
disclose such adverse fact to Buyer. Buyer has the Right to Terminate based on the Seller’s new disclosure on the earlier of Closing
460
or five days after Buyer’s receipt of the new disclosure. Except as otherwise provided in this Contract, Buyer acknowledges that
461
Seller is conveying the Property to Buyer in an “As Is” condition, “Where Is” and “With All Faults.”
462
10.3. Inspection. Unless otherwise provided in this Contract, Buyer, acting in good faith, has the right to have inspections
463
(by one or more third parties, personally or both) of the Property and Inclusions (Inspection), at Buyer’s expense. If (1) the physical
464
condition of the Property, including, but not limited to, the roof, walls, structural integrity of the Property, the electrical, plumbing,
465
HVAC and other mechanical systems of the Property, (2) the physical condition of the Inclusions, (3) service to the Property
466
(including utilities and communication services), systems and components of the Property (e.g., heating and plumbing), (4) any
467
proposed or existing transportation project, road, street or highway, or (5) any other activity, odor or noise (whether on or off the
468
Property) and its effect or expected effect on the Property or its occupants is unsatisfactory, in Buyer’s sole subjective discretion,
469
Buyer may:
470
10.3.1. Inspection Objection. On or before the Inspection Objection Deadline, deliver to Seller a written
471
description of any unsatisfactory condition that Buyer requires Seller to correct; or
472
10.3.2. Terminate. On or before the Inspection Termination Deadline, notify Seller in writing, pursuant to § 25.1,
473
that this Contract is terminated due to any unsatisfactory condition. Inspection Termination Deadline will be on the earlier of
474
Inspection Resolution Deadline or the date specified in § 3.1 for Inspection Termination Deadline.
475
10.3.3. Inspection Resolution. If an Inspection Objection is received by Seller, on or before Inspection Objection
476
Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Inspection Resolution Deadline,
477
this Contract will terminate on Inspection Resolution Deadline unless Seller receives Buyer’s written withdrawal of the Inspection
478
Objection before such termination, i.e., on or before expiration of Inspection Resolution Deadline.
479
10.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided in this Contract or other written agreement
480
between the parties, is responsible for payment for all inspections, tests, surveys, engineering reports, or other reports performed at
481
Buyer’s request (Work) and must pay for any damage that occurs to the Property and Inclusions as a result of such Work. Buyer
482
must not permit claims or liens of any kind against the Property for Work performed on the Property. Buyer agrees to indemnify,
483
protect and hold Seller harmless from and against any liability, damage, cost or expense incurred by Seller and caused by any such
484
Work, claim, or lien. This indemnity includes Seller’s right to recover all costs and expenses incurred by Seller to defend against
485
any such liability, damage, cost or expense, or to enforce this Section, including Seller’s reasonable attorney fees, legal fees and
486
expenses. The provisions of this Section survive the termination of this Contract. This § 10.4 does not apply to items performed
487
pursuant to an Inspection Resolution.
488
10.5. Insurability. Buyer has the right to review and object to the availability, terms and conditions of and premium for
489
property insurance (Property Insurance). Buyer has the Right to Terminate under § 25.1, on or before Property Insurance
490
Termination Deadline, based on any unsatisfactory provision of the Property Insurance, in Buyer’s sole subjective discretion.
491
10.6. Due Diligence.
492
10.6.1. Due Diligence Documents. If the respective box is checked, Seller agrees to deliver copies of the following
493
documents and information pertaining to the Property (Due Diligence Documents) to Buyer on or before Due Diligence Documents
494
Delivery Deadline:
495
10.6.1.1. All current leases, including any amendments or other occupancy agreements, pertaining to the
496
Property. Those leases or other occupancy agreements pertaining to the Property that survive Closing are as follows (Leases):
497
498
499
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10.6.1.2. Other documents and information:
500
501
502
10.6.2. Due Diligence Documents Review and Objection. Buyer has the right to review and object to Due Diligence
503
Documents. If the Due Diligence Documents are not supplied to Buyer or are unsatisfactory, in Buyer’s sole subjective discretion,
504
Buyer may, on or before Due Diligence Documents Objection Deadline:
505
10.6.2.1. Notice to Terminate. Notify Seller in writing, pursuant to § 25.1, that this Contract is terminated;
506
or
507
10.6.2.2. Due Diligence Documents Objection. Deliver to Seller a written description of any
508
unsatisfactory Due Diligence Documents that Buyer requires Seller to correct.
509
10.6.2.3. Due Diligence Documents Resolution. If a Due Diligence Documents Objection is received by
510
Seller, on or before Due Diligence Documents Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement
511
thereof on or before Due Diligence Documents Resolution Deadline, this Contract will terminate on Due Diligence Documents
512
Resolution Deadline unless Seller receives Buyer’s written withdrawal of the Due Diligence Documents Objection before such
513
termination, i.e., on or before expiration of Due Diligence Documents Resolution Deadline.
514
10.7. Conditional Upon Sale of Property. This Contract is conditional upon the sale and closing of that certain property
515
owned by Buyer and commonly known as ___________________________________________. Buyer has the Right to Terminate
516
under § 25.1 effective upon Seller’s receipt of Buyer’s Notice to Terminate on or before Conditional Sale Deadline if such property
517
is not sold and closed by such deadline. This Section is for the sole benefit of Buyer. If Seller does not receive Buyer’s Notice to
518
Terminate on or before Conditional Sale Deadline, Buyer waives any Right to Terminate under this provision.
519
10.8. Source of Potable Water (Residential Land and Residential Improvements Only). Buyer Does Does Not
520
acknowledge receipt of a copy of Seller’s Property Disclosure or Source of Water Addendum disclosing the source of potable water for
521
the Property. There is No Well. Buyer Does Does Not acknowledge receipt of a copy of the current well permit.
522
Note to Buyer: SOME WATER PROVIDERS RELY, TO VARYING DEGREES, ON NONRENEWABLE GROUND
523
WATER. YOU MAY WISH TO CONTACT YOUR PROVIDER (OR INVESTIGATE THE DESCRIBED SOURCE) TO
524
DETERMINE THE LONG-TERM SUFFICIENCY OF THE PROVIDER’S WATER SUPPLIES.
525
10.9. Existing Leases; Modification of Existing Leases; New Leases. [Intentionally Deleted]
526
10.10. Lead-Based Paint.
527
10.10.1. Lead-Based Paint Disclosure. Unless exempt, if the Property includes one or more residential dwellings
528
constructed or a building permit was issued prior to January 1, 1978, for the benefit of Buyer, Seller and all required real estate
529
licensees must sign and deliver to Buyer a completed Lead-Based Paint Disclosure (Sales) form on or before the Lead-Based Paint
530
Disclosure Deadline. If Buyer does not timely receive the Lead-Based Paint Disclosure, Buyer may waive the failure to timely
531
receive the Lead-Based Paint Disclosure, or Buyer may exercise Buyer’s Right to Terminate under § 25.1 by Seller’s receipt of
532
Buyer’s Notice to Terminate on or before the expiration of the Lead-Based Paint Termination Deadline.
533
10.10.2. Lead-Based Paint Assessment. If Buyer elects to conduct or obtain a risk assessment or inspection of the
534
Property for the presence of Lead-Based Paint or Lead-Based Paint hazards, Buyer has a Right to Terminate under § 25.1 by Seller’s
535
receipt of Buyer’s Notice to Terminate on or before the expiration of the Lead-Based Paint Termination Deadline. If Buyer’s
536
Notice to Terminate would otherwise be required to be received by Seller after Closing Date, Buyer’s Notice to Terminate must be
537
received by Seller on or before Closing. Buyer may elect to waive Buyer’s right to conduct or obtain a risk assessment or inspection
538
of the Property for the presence of Lead-Based Paint or Lead-Based Paint hazards. If Seller does not receive Buyer’s Notice to
539
Terminate within such time, Buyer accepts the condition of the Property relative to any Lead-Based Paint as satisfactory and Buyer
540
waives any Right to Terminate under this provision.
541
10.11. Carbon Monoxide Alarms. Note: If the improvements on the Property have a fuel-fired heater or appliance, a
542
fireplace, or an attached garage and include one or more rooms lawfully used for sleeping purposes (Bedroom), the parties
543
acknowledge that Colorado law requires that Seller assure the Property has an operational carbon monoxide alarm installed within
544
fifteen feet of the entrance to each Bedroom or in a location as required by the applicable building code.
545
10.12. Methamphetamine Disclosure. If Seller knows that methamphetamine was ever manufactured, processed, cooked,
546
disposed of, used or stored at the Property, Seller is required to disclose such fact. No disclosure is required if the Property was
547
remediated in accordance with state standards and other requirements are fulfilled pursuant to § 25-18.5-102, C.R.S., Buyer further
548
acknowledges that Buyer has the right to engage a certified hygienist or industrial hygienist to test whether the Property has ever
549
been used as a methamphetamine laboratory. Buyer has the Right to Terminate under § 25.1, upon Seller’s receipt of Buyer’s written
550
Notice to Terminate, notwithstanding any other provision of this Contract, based on Buyer’s test results that indicate the Property
551
has been contaminated with methamphetamine, but has not been remediated to meet the standards established by rules of the State
552
Board of Health promulgated pursuant to § 25-18.5-102, C.R.S. Buyer must promptly give written notice to Seller of the results of
553
the test.
554
11. TENANT ESTOPPEL STATEMENTS. [Intentionally Deleted]
555
CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 12 of 18
CLOSING PROVISIONS
556
12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING.
557
12.1. Closing Documents and Closing Information. Seller and Buyer will cooperate with the Closing Company to enable
558
the Closing Company to prepare and deliver documents required for Closing to Buyer and Seller and their designees. If Buyer is
559
obtaining a loan to purchase the Property, Buyer acknowledges Buyer’s lender is required to provide the Closing Company, in a
560
timely manner, all required loan documents and financial information concerning Buyer’s loan. Buyer and Seller will furnish any
561
additional information and documents required by Closing Company that will be necessary to complete this transaction. Buyer and
562
Seller will sign and complete all customary or reasonably-required documents at or before Closing.
563
12.2. Closing Instructions. Colorado Real Estate Commission’s Closing Instructions Are Are Not executed with
564
this Contract.
565
12.3. Closing. Delivery of deed from Seller to Buyer will be at closing (Closing). Closing will be on the date specified as
566
the Closing Date or by mutual agreement at an earlier date. The hour and place of Closing will be as designated by
567
________________________________________.
568
12.4. Disclosure of Settlement Costs. Buyer and Seller acknowledge that costs, quality and extent of service vary between
569
different settlement service providers (e.g., attorneys, lenders, inspectors and title companies).
570
13. TRANSFER OF TITLE. Subject to Buyer’s compliance with the terms and provisions of this Contract, including the tender
571
of any payment due at Closing, Seller must execute and deliver the following good and sufficient deed to Buyer, at Closing:
572
special warranty deed general warranty deed bargain and sale deed quit claim deed personal representative’s
573
deed ____________________________ deed. Seller, provided another deed is not selected, must execute and deliver a good
574
and sufficient special warranty deed to Buyer, at Closing.
575
Unless otherwise specified in §30 (Additional Provisions), if title will be conveyed using a special warranty deed or a general
576
warranty deed, title will be conveyed “subject to statutory exceptions” as defined in §38-30-113(5)(a), C.R.S.
577
14. PAYMENT OF LIENS AND ENCUMBRANCES. Unless agreed to by Buyer in writing, any amounts owed on any liens
578
or encumbrances securing a monetary sum, including, but not limited to, any governmental liens for special improvements installed
579
as of the date of Buyer’s signature hereon, whether assessed or not and previous years’ taxes, will be paid at or before Closing by
580
Seller from the proceeds of this transaction or from any other source.
581
15. CLOSING COSTS, CLOSING FEE, ASSOCIATION FEES AND TAXES.
582
15.1. Closing Costs. Buyer and Seller must pay, in Good Funds, their respective closing costs and all other items required
583
to be paid at Closing, except as otherwise provided herein.
584
15.2. Closing Services Fee. The fee for real estate closing services must be paid at Closing by Buyer Seller
585
One-Half by Buyer and One-Half by Seller Other _______________________________________.
586
15.3. Status Letter and Record Change Fees. At least fourteen days prior to Closing Date, Seller agrees to promptly
587
request the Association to deliver to Buyer a current Status Letter. Any fees incident to the issuance of Association’s Status Letter
588
must be paid by None Buyer Seller One-Half by Buyer and One-Half by Seller. Any Record Change Fee must
589
be paid by None Buyer Seller One-Half by Buyer and One-Half by Seller.
590
15.4. Local Transfer Tax. The Local Transfer Tax of ________% of the Purchase Price must be paid at Closing by
591
None Buyer Seller One-Half by Buyer and One-Half by Seller.
592
15.5. Private Transfer Fee. Private transfer fees and other fees due to a transfer of the Property, payable at Closing, such
593
as community association fees, developer fees and foundation fees, must be paid at Closing by None Buyer Seller
594
One-Half by Buyer and One-Half by Seller. The Private Transfer fee, whether one or more, is for the following association(s):
595
in the total amount of % of the Purchase Price or $________________.
596
15.6. Water Transfer Fees. The Water Transfer Fees can change. The fees, as of the date of this Contract, do not exceed
597
$____________ for:
598
Water Stock/Certificates Water District
599
Augmentation Membership Small Domestic Water Company
600
and must be paid at Closing by None Buyer Seller One-Half by Buyer and One-Half by Seller.
601
15.7. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction must be paid when due by
602
None Buyer Seller One-Half by Buyer and One-Half by Seller.
603
15.8. FIRPTA and Colorado Withholding.
604
15.8.1. FIRPTA. The Internal Revenue Service (IRS) may require a substantial portion of the Seller’s proceeds be
605
withheld after Closing when Seller is a foreign person. If required withholding does not occur, the Buyer could be held liable for the
606
amount of the Seller’s tax, interest and penalties. If the box in this Section is checked, Seller represents that Seller IS a foreign
607
person for purposes of U.S. income taxation. If the box in this Section is not checked, Seller represents that Seller is not a foreign
608
CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 13 of 18
person for purposes of U.S. income taxation. Seller agrees to cooperate with Buyer and Closing Company to provide any reasonably
609
requested documents to verify Seller’s foreign person status. If withholding is required, Seller authorizes Closing Company to
610
withhold such amount from Seller’s proceeds. Seller should inquire with Seller’s tax advisor to determine if withholding applies or
611
if an exemption exists.
612
15.8.2. Colorado Withholding. The Colorado Department of Revenue may require a portion of the Seller’s proceeds
613
be withheld after Closing when Seller will not be a Colorado resident after Closing, if not otherwise exempt. Seller agrees to
614
cooperate with Buyer and Closing Company to provide any reasonably requested documents to verify Seller’s status. If withholding
615
is required, Seller authorizes Closing Company to withhold such amount from Seller’s proceeds. Seller should inquire with Seller’s
616
tax advisor to determine if withholding applies or if an exemption exists.
617
16. PRORATIONS AND ASSOCIATION ASSESSMENTS. The following will be prorated to the Closing Date, except as
618
otherwise provided:
619
16.1. Taxes. Personal property taxes, if any, special taxing district assessments, if any, and general real estate taxes for the
620
year of Closing, based on Taxes for the Calendar Year Immediately Preceding Closing Most Recent Mill Levy and Most
621
Recent Assessed Valuation, adjusted by any applicable qualifying seniors property tax exemption, qualifying disabled veteran
622
exemption or Other .
623
16.2. Rents. Rents based on Rents Actually Received Accrued. At Closing, Seller will transfer or credit to Buyer
624
the security deposits for all Leases assigned, or any remainder after lawful deductions and notify all tenants in writing of such transfer
625
and of the transferee’s name and address. Seller must assign to Buyer all Leases in effect at Closing and Buyer must assume Seller’s
626
obligations under such Leases.
627
16.3. Association Assessments. Current regular Association assessments and dues (Association Assessments) paid in
628
advance will be credited to Seller at Closing. Cash reserves held out of the regular Association Assessments for deferred maintenance
629
by the Association will not be credited to Seller except as may be otherwise provided by the Governing Documents. Buyer
630
acknowledges that Buyer may be obligated to pay the Association, at Closing, an amount for reserves or working capital. Any special
631
assessment assessed prior to Closing Date by the Association will be the obligation of Buyer Seller. Except however, any
632
special assessment by the Association for improvements that have been installed as of the date of Buyer’s signature hereon, whether
633
assessed prior to or after Closing, will be the obligation of Seller. Seller represents there are no unpaid regular or special assessments
634
against the Property except the current regular assessments and ______________________________. Association Assessments are
635
subject to change as provided in the Governing Documents.
636
16.4. Other Prorations. Water and sewer charges, propane, interest on continuing loan and _______________________.
637
16.5. Final Settlement. Unless otherwise agreed in writing, these prorations are final.
638
17. POSSESSION. Possession of the Property will be delivered to Buyer on Possession Date at Possession Time, subject to the
639
Leases as set forth in § 10.6.1.1.
640
If Seller, after Closing, fails to deliver possession as specified, Seller will be subject to eviction and will be additionally liable
641
to Buyer for payment of $______________ per day (or any part of a day notwithstanding § 18.1) from Possession Date and
642
Possession Time until possession is delivered.
643
Buyer represents that Buyer will occupy the Property as Buyer’s principal residence unless the following box is checked, then
644
Buyer Does Not represent that Buyer will occupy the Property as Buyer’s principal residence.
645
If the box is checked, Buyer and Seller agree to execute a Post-Closing Occupancy Agreement.
646
GENERAL PROVISIONS
647
18. DAY; COMPUTATION OF PERIOD OF DAYS, DEADLINE.
648
18.1. Day. As used in this Contract, the term “day” means the entire day ending at 11:59 p.m., United States Mountain Time
649
(Standard or Daylight Savings, as applicable).
650
18.2. Computation of Period of Days, Deadline. In computing a period of days (e.g., three days after MEC), when the
651
ending date is not specified, the first day is excluded and the last day is included. If any deadline falls on a Saturday, Sunday or
652
federal or Colorado state holiday (Holiday), such deadline Will Will Not be extended to the next day that is not a Saturday,
653
Sunday or Holiday. Should neither box be checked, the deadline will not be extended.
654
19. CAUSES OF LOSS, INSURANCE; DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION; AND
655
WALK-THROUGH. Except as otherwise provided in this Contract, the Property, Inclusions or both will be delivered in the
656
condition existing as of the date of this Contract, ordinary wear and tear excepted.
657
19.1. Causes of Loss, Insurance. In the event the Property or Inclusions are damaged by fire, other perils or causes of loss
658
prior to Closing (Property Damage) in an amount of not more than ten percent of the total Purchase Price and if the repair of the
659
damage will be paid by insurance (other than the deductible to be paid by Seller), then Seller, upon receipt of the insurance proceeds,
660
will use Seller’s reasonable efforts to repair the Property before Closing Date. Buyer has the Right to Terminate under § 25.1, on or
661
CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 14 of 18
before Closing Date, if the Property is not repaired before Closing Date, or if the damage exceeds such sum. Should Buyer elect to
662
carry out this Contract despite such Property Damage, Buyer is entitled to a credit at Closing for all insurance proceeds that were
663
received by Seller (but not the Association, if any) resulting from damage to the Property and Inclusions, plus the amount of any
664
deductible provided for in the insurance policy. This credit may not exceed the Purchase Price. In the event Seller has not received
665
the insurance proceeds prior to Closing, the parties may agree to extend the Closing Date to have the Property repaired prior to
666
Closing or, at the option of Buyer, (1) Seller must assign to Buyer the right to the proceeds at Closing, if acceptable to Seller’s
667
insurance company and Buyer’s lender; or (2) the parties may enter into a written agreement prepared by the parties or their attorney
668
requiring the Seller to escrow at Closing from Seller’s sale proceeds the amount Seller has received and will receive due to such
669
damage, not exceeding the total Purchase Price, plus the amount of any deductible that applies to the insurance claim.
670
19.2. Damage, Inclusions and Services. Should any Inclusion or service (including utilities and communication services),
671
system, component or fixture of the Property (collectively Service) (e.g., heating or plumbing), fail or be damaged between the date
672
of this Contract and Closing or possession, whichever is earlier, then Seller is liable for the repair or replacement of such Inclusion
673
or Service with a unit of similar size, age and quality, or an equivalent credit, but only to the extent that the maintenance or
674
replacement of such Inclusion or Service is not the responsibility of the Association, if any, less any insurance proceeds received by
675
Buyer covering such repair or replacement. If the failed or damaged Inclusion or Service is not repaired or replaced on or before
676
Closing or possession, whichever is earlier, Buyer has the Right to Terminate under § 25.1, on or before Closing Date, or, at the
677
option of Buyer, Buyer is entitled to a credit at Closing for the repair or replacement of such Inclusion or Service. Such credit must
678
not exceed the Purchase Price. If Buyer receives such a credit, Seller’s right for any claim against the Association, if any, will survive
679
Closing.
680
19.3. Condemnation. In the event Seller receives actual notice prior to Closing that a pending condemnation action may
681
result in a taking of all or part of the Property or Inclusions, Seller must promptly notify Buyer, in writing, of such condemnation
682
action. Buyer has the Right to Terminate under § 25.1, on or before Closing Date, based on such condemnation action, in Buyer’s
683
sole subjective discretion. Should Buyer elect to consummate this Contract despite such diminution of value to the Property and
684
Inclusions, Buyer is entitled to a credit at Closing for all condemnation proceeds awarded to Seller for the diminution in the value
685
of the Property or Inclusions but such credit will not include relocation benefits or expenses, or exceed the Purchase Price.
686
19.4. Walk-Through and Verification of Condition. Buyer, upon reasonable notice, has the right to walk through the
687
Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with this Contract.
688
19.5. Home Warranty. Seller and Buyer are aware of the existence of pre-owned home warranty programs that may be
689
purchased and may cover the repair or replacement of such Inclusions.
690
20. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller acknowledge that
691
the respective broker has advised that this Contract has important legal consequences and has recommended the examination of title
692
and consultation with legal and tax or other counsel before signing this Contract.
693
21. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence for all dates and deadlines in this Contract.
694
This means that all dates and deadlines are strict and absolute. If any payment due, including Earnest Money, is not paid, honored
695
or tendered when due, or if any obligation is not performed timely as provided in this Contract or waived, the non-defaulting party
696
has the following remedies:
697
21.1. If Buyer is in Default:
698
21.1.1. Specific Performance. Seller may elect to cancel this Contract and all Earnest Money (whether or not paid
699
by Buyer) will be paid to Seller and retained by Seller. It is agreed that the Earnest Money is not a penalty and the Parties agree the
700
amount is fair and reasonable. Seller may recover such additional damages as may be proper. Alternatively, Seller may elect to
701
treat this Contract as being in full force and effect and Seller has the right to specific performance or damages, or both.
702
21.1.2. Liquidated Damages, Applicable. This § 21.1.2 applies unless the box in § 21.1.1. is checked. Seller may
703
cancel this Contract. All Earnest Money (whether or not paid by Buyer) will be paid to Seller and retained by Seller. It is agreed that
704
the Earnest Money specified in § 4.1 is LIQUIDATED DAMAGES and not a penalty, which amount the parties agree is fair and
705
reasonable and (except as provided in §§ 10.4, 22, 23 and 24), said payment of Earnest Money is SELLER’S ONLY REMEDY for
706
Buyer’s failure to perform the obligations of this Contract. Seller expressly waives the remedies of specific performance and
707
additional damages.
708
21.2. If Seller is in Default: Buyer may elect to treat this Contract as canceled, in which case all Earnest Money received
709
hereunder will be returned to Buyer and Buyer may recover such damages as may be proper. Alternatively, Buyer may elect to treat
710
this Contract as being in full force and effect and Buyer has the right to specific performance or damages, or both.
711
22. LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of any arbitration
712
or litigation relating to this Contract, prior to or after Closing Date, the arbitrator or court must award to the prevailing party all
713
reasonable costs and expenses, including attorney fees, legal fees and expenses.
714
23. MEDIATION. If a dispute arises relating to this Contract (whether prior to or after Closing) and is not resolved, the parties
715
must first proceed, in good faith, to mediation. Mediation is a process in which the parties meet with an impartial person who helps
716
CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 15 of 18
to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. Before any mediated settlement is
717
binding, the parties to the dispute must agree to the settlement, in writing. The parties will jointly appoint an acceptable mediator
718
and will share equally in the cost of such mediation. The obligation to mediate, unless otherwise agreed, will terminate if the entire
719
dispute is not resolved within thirty days of the date written notice requesting mediation is delivered by one party to the other at that
720
party’s last known address (physical or electronic as provided in § 27). Nothing in this Section prohibits either party from filing a
721
lawsuit and recording a lis pendens affecting the Property, before or after the date of written notice requesting mediation. This
722
Section will not alter any date in this Contract, unless otherwise agreed.
723
24. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder must release the Earnest
724
Money following receipt of written mutual instructions, signed by both Buyer and Seller. In the event of any controversy regarding
725
the Earnest Money, Earnest Money Holder is not required to release the Earnest Money. Earnest Money Holder, in its sole subjective
726
discretion, has several options: (1) wait for any proceeding between Buyer and Seller; (2) interplead all parties and deposit Earnest
727
Money into a court of competent jurisdiction (Earnest Money Holder is entitled to recover court costs and reasonable attorney and
728
legal fees incurred with such action); or (3) provide notice to Buyer and Seller that unless Earnest Money Holder receives a copy of
729
the Summons and Complaint or Claim (between Buyer and Seller) containing the case number of the lawsuit (Lawsuit) within one
730
hundred twenty days of Earnest Money Holder’s notice to the parties, Earnest Money Holder is authorized to return the Earnest
731
Money to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit and has not interpled the monies at the time
732
of any Order, Earnest Money Holder must disburse the Earnest Money pursuant to the Order of the Court. The parties reaffirm the
733
obligation of § 23 (Mediation). This Section will survive cancellation or termination of this Contract.
734
25. TERMINATION.
735
25.1. Right to Terminate. If a party has a right to terminate, as provided in this Contract (Right to Terminate), the
736
termination is effective upon the other party’s receipt of a written notice to terminate (Notice to Terminate), provided such written
737
notice was received on or before the applicable deadline specified in this Contract. If the Notice to Terminate is not received on or
738
before the specified deadline, the party with the Right to Terminate accepts the specified matter, document or condition as satisfactory
739
and waives the Right to Terminate under such provision.
740
25.2. Effect of Termination. In the event this Contract is terminated, all Earnest Money received hereunder will be returned
741
to Buyer and the parties are relieved of all obligations hereunder, subject to §§ 10.4, 22, 23 and 24.
742
26. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL; SUCCESSORS. This Contract, its exhibits and specified
743
addenda, constitute the entire agreement between the parties relating to the subject hereof and any prior agreements pertaining
744
thereto, whether oral or written, have been merged and integrated into this Contract. No subsequent modification of any of the terms
745
of this Contract is valid, binding upon the parties, or enforceable unless made in writing and signed by the parties. Any right or
746
obligation in this Contract that, by its terms, exists or is intended to be performed after termination or Closing survives the same.
747
Any successor to a party receives the predecessor’s benefits and obligations of this Contract.
748
27. NOTICE, DELIVERY AND CHOICE OF LAW.
749
27.1. Physical Delivery and Notice. Any document, or notice to Buyer or Seller must be in writing, except as provided in
750
§ 27.2 and is effective when physically received by such party, any individual named in this Contract to receive documents or notices
751
for such party, Broker, or Brokerage Firm of Broker working with such party (except any notice or delivery after Closing must be
752
received by the party, not Broker or Brokerage Firm).
753
27.2. Electronic Notice. As an alternative to physical delivery, any notice, may be delivered in electronic form to Buyer or
754
Seller, any individual named in this Contract to receive documents or notices for such party, Broker or Brokerage Firm of Broker
755
working with such party (except any notice or delivery after Closing must be received by the party, not Broker or Brokerage Firm)
756
at the electronic address of the recipient by facsimile, email or ______________________________________.
757
27.3. Electronic Delivery. Electronic Delivery of documents and notice may be delivered by: (1) email at the email address
758
of the recipient, (2) a link or access to a website or server provided the recipient receives the information necessary to access the
759
documents, or (3) facsimile at the facsimile number (Fax No.) of the recipient.
760
27.4. Choice of Law. This Contract and all disputes arising hereunder are governed by and construed in accordance with
761
the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract in Colorado for real property
762
located in Colorado.
763
28. NOTICE OF ACCEPTANCE, COUNTERPARTS. This proposal will expire unless accepted in writing, by Buyer and
764
Seller, as evidenced by their signatures below and the offering party receives notice of such acceptance pursuant to § 27 on or before
765
Acceptance Deadline Date and Acceptance Deadline Time. If accepted, this document will become a contract between Seller and
766
CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 16 of 18
Buyer. A copy of this Contract may be executed by each party, separately and when each party has executed a copy thereof, such
767
copies taken together are deemed to be a full and complete contract between the parties.
768
29. GOOD FAITH. Buyer and Seller acknowledge that each party has an obligation to act in good faith including, but not limited
769
to, exercising the rights and obligations set forth in the provisions of Financing Conditions and Obligations; Title Insurance,
770
Record Title and Off-Record Title; New ILC, New Survey; and Property Disclosure, Inspection, Indemnity, Insurability, Due
771
Diligence, and Source of Water.
772
ADDITIONAL PROVISIONS AND ATTACHMENTS
773
30. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real Estate
774
Commission.)
775
776
777
778
779
780
781
31. OTHER DOCUMENTS.
782
31.1. The following documents are a part of this Contract:
783
31.1.1. Post-Closing Occupancy Agreement. If the Post-Closing Occupancy Agreement box is checked in § 17 the
784
Post-Closing Occupancy Agreement is a part of this Contract.
785
786
787
788
31.2. The following documents have been provided but are not a part of this Contract:
789
790
791
792
SIGNATURES
793
794
Buyer’s Name:
Buyer’s Name:
Buyer’s Signature
Date
Buyer’s Signature
Date
Address:
Address:
Phone No.:
Phone No.:
Fax No.:
Fax No.:
Email Address:
Email Address:
[NOTE: If this offer is being countered or rejected, do not sign this document.
795
Seller’s Name:
Seller’s Name:
Seller’s Signature
Date
Seller’s Signature
Date
Address:
Address:
Phone No.:
Phone No.:
CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 17 of 18
Fax No.:
Fax No.:
Email Address:
Email Address:
796
END OF CONTRACT TO BUY AND SELL REAL ESTATE
797
32. BROKER’S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE.
(To be completed by Broker working with Buyer)
Broker Does Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if Brokerage Firm is the Earnest
Money Holder and, except as provided in § 24, if the Earnest Money has not already been returned following receipt of a Notice to
Terminate or other written notice of termination, Earnest Money Holder will release the Earnest Money as directed by the written
mutual instructions. Such release of Earnest Money will be made within five days of Earnest Money Holder’s receipt of the executed
written mutual instructions, provided the Earnest Money check has cleared.
Although Broker is not a party to the Contract, Broker agrees to cooperate, upon request, with any mediation requested under § 23.
Broker is working with Buyer as a Buyer’s Agent Transaction-Broker in this transaction. This is a Change of Status.
Customer. Broker has no brokerage relationship with Buyer. See § 33 for Broker’s brokerage relationship with Seller.
Brokerage Firm’s compensation or commission is to be paid by Listing Brokerage Firm Buyer Other .
Brokerage Firm’s Name:
Brokerage Firm’s License #:
Broker’s Name:
Broker’s License #:
Broker’s Signature
Date
Address:
Phone No.:
Fax No.:
Email Address:
33. BROKER’S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE.
(To be completed by Broker working with Seller)
Broker Does Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if Brokerage Firm is the Earnest
Money Holder and, except as provided in § 24, if the Earnest Money has not already been returned following receipt of a Notice to
Terminate or other written notice of termination, Earnest Money Holder will release the Earnest Money as directed by the written
mutual instructions. Such release of Earnest Money will be made within five days of Earnest Money Holder’s receipt of the executed
written mutual instructions, provided the Earnest Money check has cleared.
Although Broker is not a party to the Contract, Broker agrees to cooperate, upon request, with any mediation requested under § 23.
Broker is working with Seller as a Seller’s Agent Transaction-Broker in this transaction. This is a Change of Status.
Customer. Broker has no brokerage relationship with Seller. See § 32 for Broker’s brokerage relationship with Buyer.
Brokerage Firm’s compensation or commission is to be paid by Seller Buyer Other .
CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 18 of 18
Brokerage Firm’s Name:
Brokerage Firm’s License #:
Broker’s Name:
Broker’s License #:
Broker’s Signature
Date
Address:
Phone No.:
Fax No.:
Email Address:
798
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Form 10: CONTRACT TO BUY AND SELL REAL

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Completed 18 February 2021

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