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Contract to Buy and Sell, Residential

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CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 1 of 17
The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission.
1
(CBS1-6-15) (Mandatory 1-16)
2
THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR
3
OTHER COUNSEL BEFORE SIGNING.
4
5
CONTRACT TO BUY AND SELL REAL ESTATE
6
(RESIDENTIAL)
7
8
Date:
9
AGREEMENT
10
1. AGREEMENT. Buyer agrees to buy and Seller agrees to sell, the Property described below on the terms and conditions set
11
forth in this contract (Contract).
12
2. PARTIES AND PROPERTY.
13
2.1. Buyer. Buyer, ,
14
will take title to the Property described below as Joint Tenants Tenants In Common Other .
15
2.2. No Assignability. This Contract Is Not assignable by Buyer unless otherwise specified in Additional Provisions.
16
17
2.3. Seller. Seller, , is
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the current owner of the Property described below.
19
2.4. Property. The Property is the following legally described real estate in the County of , Colorado:
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21
22
23
24
25
known as No. ,
26
Street Address City State Zip
27
together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto, and all interest of
28
Seller in vacated streets and alleys adjacent thereto, except as herein excluded (Property).
29
30
2.5. Inclusions. The Purchase Price includes the following items (Inclusions):
31
2.5.1. Inclusions - Attached. If attached to the Property on the date of this Contract, the following items are
32
included unless excluded under Exclusions: lighting, heating, plumbing, ventilating and air conditioning units, TV antennas, inside
33
telephone, network and coaxial (cable) wiring and connecting blocks/jacks, plants, mirrors, floor coverings, intercom systems,
34
built-in kitchen appliances, sprinkler systems and controls, built-in vacuum systems (including accessories), garage door openers
35
(including _______ remote controls). If checked, the following are owned by the Seller and included (leased items should be listed
36
under Due Diligence Documents): None Solar Panels Water Softeners Security Systems Satellite Systems
37
(including satellite dishes). If any additional items are attached to the Property after the date of this Contract, such additional items
38
are also included in the Purchase Price.
39
2.5.2. Inclusions – Not Attached. If on the Property, whether attached or not, on the date of this Contract, the
40
following items are included unless excluded under Exclusions: storm windows, storm doors, window and porch shades, awnings,
41
blinds, screens, window coverings and treatments, curtain rods, drapery rods, fireplace inserts, fireplace screens, fireplace grates,
42
heating stoves, storage sheds, carbon monoxide alarms, smoke/fire detectors and all keys.
43
2.5.3. Personal Property - Conveyance. Any personal property must be conveyed at Closing by Seller free and
44
clear of all taxes (except personal property taxes for the year of Closing), liens and encumbrances, except .
45
Conveyance of all personal property will be by bill of sale or other applicable legal instrument.
46
2.5.4. Other Inclusions. The following items, whether fixtures or personal property, are also included in the
47
Purchase Price:
48
49
50
51
52
CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 2 of 17
53
2.5.5. Parking and Storage Facilities. Use Only Ownership of the following parking facilities:
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; and Use Only Ownership of the following storage facilities: .
55
2.6. Exclusions. The following items are excluded (Exclusions):
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57
58
59
2.7. Water Rights, Well Rights, Water and Sewer Taps.
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2.7.1. Deeded Water Rights. The following legally described water rights:
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62
63
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Any deeded water rights will be conveyed by a good and sufficient deed at Closing.
65
2.7.2. Other Rights Relating to Water. The following rights relating to water not included in §§ 2.7.1, 2.7.3,
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2.7.4 and 2.7.5, will be transferred to Buyer at Closing:
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68
69
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2.7.3. Well Rights. Seller agrees to supply required information to Buyer about the well. Buyer understands that
71
if the well to be transferred is a “Small Capacity Well” or a “Domestic Exempt Water Well,” used for ordinary household
72
purposes, Buyer must, prior to or at Closing, complete a Change in Ownership form for the well. If an existing well has not been
73
registered with the Colorado Division of Water Resources in the Department of Natural Resources (Division), Buyer must
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complete a registration of existing well form for the well and pay the cost of registration. If no person will be providing a closing
75
service in connection with the transaction, Buyer must file the form with the Division within sixty days after Closing. The Well
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Permit # is .
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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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79
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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
83
applicable legal instrument at Closing.
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3. 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
Record Title Deadline
3
§ 8.2
Record Title Objection Deadline
4
§ 8.3
Off-Record Title Deadline
5
§ 8.3
Off-Record Title Objection Deadline
6
§ 8.4
Title Resolution Deadline
7
§ 8.6
Right of First Refusal Deadline
Owners’ Association
8
§ 7.3
Association Documents Deadline
9
§ 7.4
Association Documents Objection Deadline
Seller’s Property Disclosure
10
§ 10.1
Seller’s Property Disclosure Deadline
Loan and Credit
11
§ 5.1
Loan Application Deadline
12
§ 5.2
Loan Objection Deadline
13
§ 5.3
Buyer’s Credit Information Deadline
14
§ 5.3
Disapproval of Buyer’s Credit Information Deadline
15
§ 5.4
Existing Loan Documents Deadline
16
§ 5.4
Existing Loan Documents Objection Deadline
17
§ 5.4
Loan Transfer Approval Deadline
CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 3 of 17
18
§ 4.7
Seller or Private Financing Deadline
Appraisal
19
§ 6.2
Appraisal Deadline
20
§ 6.2
Appraisal Objection Deadline
21
§ 6.2
Appraisal Resolution Deadline
Survey
22
§ 9.1
New ILC or New Survey Deadline
23
§ 9.3
New ILC or New Survey Objection Deadline
24
§ 9.4
New ILC or New Survey Resolution Deadline
Inspection and Due Diligence
25
§ 10.3
Inspection Objection Deadline
26
§ 10.3
Inspection Resolution Deadline
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§ 10.5
Property Insurance Objection 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
Closing and Possession
32
§ 12.3
Closing Date
33
§ 17
Possession Date
34
§ 17
Possession Time
35
§ 28
Acceptance Deadline Date
36
§ 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
86
or VA guaranteed loans.
87
3.1. Applicability of Terms. Any box checked in this Contract means the corresponding provision applies. Any box,
88
blank or line in this Contract left blank or completed with the abbreviation “N/A”, or the word “Deleted” means such provision,
89
including any deadline, is not applicable and the corresponding provision of this Contract to which reference is made is deleted. If
90
no box is checked in a provision that contains a selection of “None”, such provision means that “None” applies.
91
The abbreviation “MEC” (mutual execution of this Contract) means the date upon which both parties have signed this Contract.
92
93
4. PURCHASE PRICE AND TERMS.
94
4.1. Price and Terms. The Purchase Price set forth below is payable in U.S. Dollars by Buyer as follows:
95
Item No.
Reference
Amount
Amount
1
§ 4.1
$
2
§ 4.3
$
3
§ 4.5
$
4
§ 4.6
$
5
§ 4.7
$
6
§ 4.7
$
7
8
9
§ 4.4
$
10
$
$
4.2. Seller Concession. At Closing, Seller will credit to Buyer $______________ (Seller Concession). The Seller
96
Concession may be used for any Buyer fee, cost, charge or expenditure to the extent the amount is allowed by the Buyer’s lender
97
and is included in the Closing Statement or Closing Disclosure, at Closing. Examples of allowable items to be paid for by the
98
Seller Concession include, but are not limited to: Buyer’s closing costs, loan discount points, loan origination fees, prepaid items
99
and any other fee, cost, charge, expense or expenditure. Seller Concession is in addition to any sum Seller has agreed to pay or
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credit Buyer elsewhere in this Contract.
101
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
103
CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 4 of 17
both Seller and Buyer. The Earnest Money deposit must be tendered, by Buyer, with this Contract unless the parties mutually
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agree to an Alternative Earnest Money Deadline for its payment. The parties authorize delivery of the Earnest Money deposit to
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the company conducting the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money Holder has
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agreed to have interest on Earnest Money deposits transferred to a fund established for the purpose of providing affordable housing
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to Colorado residents, Seller and Buyer acknowledge and agree that any interest accruing on the Earnest Money deposited with the
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Earnest 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
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the return of Earnest Money as provided in this Contract. If this Contract is terminated as set forth in § 25 and, except as provided
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in § 24, if the Earnest Money has not already been returned following receipt of a Notice to Terminate, Seller agrees to execute
114
and return to Buyer or Broker working with Buyer, written mutual instructions (e.g., Earnest Money Release form), within three
115
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).
120
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
122
Closing OR SUCH NONPAYING PARTY WILL BE IN DEFAULT. Buyer represents that Buyer, as of the date of this
123
Contract, Does Does Not have funds that are immediately verifiable and available in an amount not less than the amount
124
stated as Cash at Closing in § 4.1.
125
4.5. New Loan.
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4.5.1. Buyer to Pay Loan Costs. Buyer, except as provided in § 4.2, if applicable, must timely pay Buyer’s loan
127
costs, loan discount points, prepaid items and loan origination fees, as required by lender.
128
4.5.2. Buyer May Select Financing. Buyer may pay in cash or select financing appropriate and acceptable to
129
Buyer, including a different loan than initially sought, except as restricted in § 4.5.3 or § 30 (Additional Provisions).
130
4.5.3. Loan Limitations. Buyer may purchase the Property using any of the following types of loans:
131
Conventional FHA VA Bond Other .
132
4.5.4. Good Faith Estimate – Monthly Payment and Loan Costs. Buyer is advised to review the terms, conditions
133
and costs of Buyer’s New Loan carefully. If Buyer is applying for a residential loan, the lender generally must provide Buyer with
134
a good faith estimate of Buyer’s closing costs within three days after Buyer completes a loan application. Buyer also should obtain
135
an estimate of the amount of Buyer’s monthly mortgage payment.
136
4.6. Assumption. Buyer agrees to assume and pay an existing loan in the approximate amount of the Assumption
137
Balance set forth in § 4.1, presently payable at $______________ per ________________ including principal and interest
138
presently at the rate of ________% per annum, and also including escrow for the following as indicated: Real Estate Taxes
139
Property Insurance Premium Mortgage Insurance Premium and .
140
Buyer agrees to pay a loan transfer fee not to exceed $_____________. At the time of assumption, the new interest rate will
141
not exceed ________% per annum and the new payment will not exceed $_____________ per ________________ principal and
142
interest, plus escrow, if any. If the actual principal balance of the existing loan at Closing is less than the Assumption Balance,
143
which causes the amount of cash required from Buyer at Closing to be increased by more than $_____________, then Buyer has
144
the Right to Terminate under § 25.1, on or before Closing Date, based on the reduced amount of the actual principal balance.
145
Seller Will Will Not be released from liability on said loan. If applicable, compliance with the requirements for
146
release from liability will be evidenced by delivery on or before Loan Transfer Approval Deadline at Closing of an
147
appropriate letter of commitment from lender. Any cost payable for release of liability will be paid by
148
in an amount not to exceed $_____________.
149
4.7. Seller or Private Financing.
150
WARNING: Unless the transaction is exempt, federal and state laws impose licensing, other requirements and restrictions on
151
sellers and private financiers. Contract provisions on financing and financing documents, unless exempt, should be prepared by a
152
licensed Colorado attorney or licensed mortgage loan originator. Brokers should not prepare or advise the parties on the specifics
153
of financing, including whether or not a party is exempt from the law.
154
4.7.1. Seller Financing. If Buyer is to pay all or any portion of the Purchase Price with Seller financing,
155
Buyer Seller will deliver the proposed Seller financing documents to the other party on or before _________ days before
156
Seller or Private Financing Deadline.
157
4.7.1.1. Seller May Terminate. If Seller is to provide Seller financing, this Contract is conditional upon
158
Seller determining whether such financing is satisfactory to the Seller, including its payments, interest rate, terms, conditions, cost
159
and compliance with the law. Seller has the Right to Terminate under § 25.1, on or before Seller or Private Financing Deadline,
160
if such Seller financing is not satisfactory to the Seller, in Seller’s sole subjective discretion.
161
CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 5 of 17
4.7.2. Buyer May Terminate. If Buyer is to pay all or any portion of the Purchase Price with Seller or private
162
financing, this Contract is conditional upon Buyer determining whether such financing is satisfactory to the Buyer, including its
163
availability, payments, interest rate, terms, conditions and cost. Buyer has the Right to Terminate under § 25.1, on or before Seller
164
or Private Financing Deadline, if such Seller or private financing is not satisfactory to Buyer, in Buyer’s sole subjective
165
discretion.
166
TRANSACTION PROVISIONS
167
5. FINANCING CONDITIONS AND OBLIGATIONS.
168
5.1. Loan Application. If Buyer is to pay all or part of the Purchase Price by obtaining one or more new loans (New
169
Loan), or if an existing loan is not to be released at Closing, Buyer, if required by such lender, must make an application verifiable
170
by such lender, on or before Loan Application Deadline and exercise reasonable efforts to obtain such loan or approval.
171
5.2. Loan Objection. If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is conditional
172
upon Buyer determining, in Buyer’s sole subjective discretion, whether the New Loan is satisfactory to Buyer, including its
173
availability, payments, interest rate, terms, conditions, and cost of such New Loan. This condition is for the sole benefit of Buyer.
174
Buyer has the Right to Terminate under § 25.1, on or before Loan Objection Deadline, if the New Loan is not satisfactory to
175
Buyer, in Buyer’s sole subjective discretion. IF SELLER IS NOT IN DEFAULT AND DOES NOT TIMELY RECEIVE
176
BUYER’S WRITTEN NOTICE TO TERMINATE, BUYER’S EARNEST MONEY WILL BE NONREFUNDABLE, except
177
as otherwise provided in this Contract (e.g., Appraisal, Title, Survey).
178
5.3. Credit Information. If an existing loan is not to be released at Closing, this Contract is conditional (for the sole
179
benefit of Seller) upon Seller’s approval of Buyer’s financial ability and creditworthiness, which approval will be at Seller’s sole
180
subjective discretion. Accordingly: (1) Buyer must supply to Seller by Buyer’s Credit Information Deadline, at Buyer’s
181
expense, information and documents (including a current credit report) concerning Buyer’s financial, employment and credit
182
condition; (2) Buyer consents that Seller may verify Buyer’s financial ability and creditworthiness; and (3) any such information
183
and documents received by Seller must be held by Seller in confidence, and not released to others except to protect Seller’s interest
184
in this transaction. If the Cash at Closing is less than as set forth in § 4.1 of this Contract, Seller has the Right to Terminate under
185
§ 25.1, on or before Closing. If Seller disapproves of Buyer’s financial ability or creditworthiness, in Seller’s sole subjective
186
discretion, Seller has the Right to Terminate under § 25.1, on or before Disapproval of Buyer’s Credit Information Deadline.
187
5.4. Existing Loan Review. If an existing loan is not to be released at Closing, Seller must deliver copies of the loan
188
documents (including note, deed of trust, and any modifications) to Buyer by Existing Loan Documents Deadline. For the sole
189
benefit of Buyer, this Contract is conditional upon Buyer’s review and approval of the provisions of such loan documents. Buyer
190
has the Right to Terminate under § 25.1, on or before Existing Loan Documents Objection Deadline, based on any
191
unsatisfactory provision of such loan documents, in Buyer’s sole subjective discretion. If the lender’s approval of a transfer of the
192
Property is required, this Contract is conditional upon Buyer’s obtaining such approval without change in the terms of such loan,
193
except as set forth in § 4.6. If lender’s approval is not obtained by Loan Transfer Approval Deadline, this Contract will
194
terminate on such deadline. Seller has the Right to Terminate under § 25.1, on or before Closing, in Seller’s sole subjective
195
discretion, if Seller is to be released from liability under such existing loan and Buyer does not obtain such compliance as set forth
196
in § 4.6.
197
6. APPRAISAL PROVISIONS.
198
6.1. Appraisal Definition. An “Appraisal” is an opinion of value prepared by a licensed or certified appraiser, engaged
199
on behalf of Buyer or Buyer’s lender, to determine the Property’s market value (Appraised Value). The Appraisal may also set
200
forth certain lender requirements, replacements, removals or repairs necessary on or to the Property as a condition for the Property
201
to be valued at the Appraised Value.
202
6.2. Appraisal Condition. The applicable appraisal provision set forth below applies to the respective loan type set forth
203
in § 4.5.3, or if a cash transaction (i.e. no financing), § 6.2.1 applies.
204
6.2.1. Conventional/Other. Buyer has the right to obtain an Appraisal. If the Appraised Value is less than the
205
Purchase Price, or if the Appraisal is not received by Buyer on or before Appraisal Deadline Buyer may, on or before Appraisal
206
Objection Deadline, notwithstanding § 8.3 or § 13:
207
6.2.1.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or
208
6.2.1.2. Appraisal Objection. Deliver to Seller a written objection accompanied by either a copy of the
209
Appraisal or written notice from lender that confirms the Appraisal Value is less than the Purchase Price.
210
6.2.1.3. Appraisal Resolution. If an Appraisal Objection is received by Seller, on or before Appraisal
211
Objection Deadline, and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Appraisal Resolution
212
Deadline (§ 3), this Contract will terminate on the Appraisal Resolution Deadline, unless Seller receives Buyer’s written
213
withdrawal of the Appraisal Objection before such termination, i.e., on or before expiration of Appraisal Resolution Deadline.
214
6.2.2. FHA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the purchaser
215
(Buyer) shall not be obligated to complete the purchase of the Property described herein or to incur any penalty by forfeiture of
216
CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 6 of 17
Earnest Money deposits or otherwise unless the purchaser (Buyer) has been given, in accordance with HUD/FHA or VA
217
requirements, a written statement issued by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct
218
Endorsement lender, setting forth the appraised value of the Property of not less than $______________. The purchaser (Buyer)
219
shall have the privilege and option of proceeding with the consummation of this Contract without regard to the amount of the
220
appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and
221
Urban Development will insure. HUD does not warrant the value nor the condition of the Property. The purchaser (Buyer) should
222
satisfy himself/herself that the price and condition of the Property are acceptable.
223
6.2.3. VA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the purchaser (Buyer)
224
shall not incur any penalty by forfeiture of Earnest Money or otherwise or be obligated to complete the purchase of the Property
225
described herein, if the Contract Purchase Price or cost exceeds the reasonable value of the Property established by the Department
226
of Veterans Affairs. The purchaser (Buyer) shall, however, have the privilege and option of proceeding with the consummation of
227
this Contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs.
228
6.3. Lender Property Requirements. If the lender imposes any requirements, replacements, removals or repairs,
229
including any specified in the Appraisal (Lender Requirements) to be made to the Property (e.g., roof repair, repainting), beyond
230
those matters already agreed to by Seller in this Contract, Seller has the Right to Terminate under § 25.1, (notwithstanding § 10 of
231
this Contract), on or before three days following Seller’s receipt of the Lender Requirements, in Seller’s sole subjective discretion.
232
Seller’s Right to Terminate in this § 6.3 does not apply if, on or before any termination by Seller pursuant to this § 6.3: (1) the
233
parties enter into a written agreement regarding the Lender Requirements; or (2) the Lender Requirements have been completed; or
234
(3) the satisfaction of the Lender Requirements is waived in writing by Buyer.
235
6.4. Cost of Appraisal. Cost of the Appraisal to be obtained after the date of this Contract must be timely paid by
236
Buyer Seller. The cost of the Appraisal may include any and all fees paid to the appraiser, appraisal management company,
237
lender's agent or all three.
238
239
7. OWNERS’ ASSOCIATION. This Section is applicable if the Property is located within a Common Interest
240
Community and subject to such declaration.
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
247
ASSESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE
248
ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE
249
DECLARATION, BYLAWS, AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE
250
OWNER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE
251
ASSOCIATION (OR A COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION.
252
PURCHASERS OF PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE
253
FINANCIAL OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY
254
READ THE DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF
255
THE ASSOCIATION.
256
7.2. Owners’ Association Documents. Owners’ Association Documents (Association Documents) consist of the
257
following:
258
7.2.1. All Owners’ Association declarations, articles of incorporation, bylaws, articles of organization, operating
259
agreements, rules and regulations, party wall agreements;
260
7.2.2. Minutes of most recent annual owners’ meeting;
261
7.2.3. Minutes of any directors’ or managers’ meetings during the six-month period immediately preceding the
262
date of this Contract. If none of the preceding minutes exist, then the most recent minutes, if any (§§ 7.2.1, 7.2.2 and 7.2.3,
263
collectively, Governing Documents); and
264
7.2.4. The most recent financial documents which consist of: (1) annual and most recent balance sheet, (2) annual
265
and most recent income and expenditures statement, (3) annual budget, (4) reserve study, and (5) notice of unpaid assessments, if
266
any (collectively, Financial Documents).
267
7.3. Association Documents to Buyer.
268
7.3.1. Seller to Provide Association Documents. Seller is obligated to provide to Buyer the Association
269
Documents, at Seller’s expense, on or before Association Documents Deadline. Seller authorizes the Association to provide the
270
Association Documents to Buyer, at Seller’s expense. Seller’s obligation to provide the Association Documents is fulfilled upon
271
Buyer’s receipt of the Association Documents, regardless of who provides such documents.
272
7.4. Conditional on Buyer’s Review. Buyer has the right to review the Association Documents. Buyer has the Right to
273
Terminate under § 25.1, on or before Association Documents Objection Deadline, based on any unsatisfactory provision in any
274
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of the Association Documents, in Buyer’s sole subjective discretion. Should Buyer receive the Association Documents after
275
Association Documents Deadline, Buyer, at Buyer’s option, has the Right to Terminate under § 25.1 by Buyer’s Notice to
276
Terminate received by Seller on or before ten days after Buyer’s receipt of the Association Documents. If Buyer does not receive
277
the Association Documents, or if Buyer’s Notice to Terminate would otherwise be required to be received by Seller after Closing
278
Date, Buyer’s Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer’s Notice to
279
Terminate within such time, Buyer accepts the provisions of the Association Documents as satisfactory, and Buyer waives any
280
Right to Terminate under this provision, notwithstanding the provisions of § 8.6 (Right of First Refusal or Contract Approval).
281
8. TITLE INSURANCE, RECORD TITLE AND OFF-RECORD TITLE.
282
8.1. Evidence of Record Title.
283
8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will select the title insurance
284
company to furnish the owner’s title insurance policy at Seller’s expense. On or before Record Title Deadline, Seller must furnish
285
to Buyer, a current commitment for an owner’s title insurance policy (Title Commitment), in an amount equal to the Purchase
286
Price, or if this box is checked, an Abstract of Title certified to a current date. Seller will cause the title insurance policy to be
287
issued and delivered to Buyer as soon as practicable at or after Closing.
288
8.1.2. Buyer Selects Title Insurance Company. If this box is checked, Buyer will select the title insurance
289
company to furnish the owner’s title insurance policy at Buyer’s expense. On or before Record Title Deadline, Buyer must
290
furnish to Seller, a current commitment for owner’s title insurance policy (Title Commitment), in an amount equal to the Purchase
291
Price.
292
If neither box in § 8.1.1 or § 8.1.2 is checked, § 8.1.1 applies.
293
8.1.3. Owner's Extended Coverage (OEC). The Title Commitment Will Will Not contain Owner’s
294
Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or insure over the standard
295
exceptions which relate to: (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) unrecorded mechanics’
296
liens, (5) gap period (period between the effective date and time of commitment to the date and time the deed is recorded), and (6)
297
unpaid taxes, assessments and unredeemed tax sales prior to the year of Closing. Any additional premium expense to obtain OEC
298
will be paid by Buyer Seller One-Half by Buyer and One-Half by Seller Other__________________________.
299
Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or delete or insure over
300
any or all of the standard exceptions for OEC. The Title Insurance Company may require a New Survey or New ILC, defined
301
below, among other requirements for OEC. If the Title Insurance Commitment is not satisfactory to Buyer, Buyer has a right to
302
object under § 8.4 (Right to Object to Title, Resolution).
303
8.1.4. Title Documents. Title Documents consist of the following: (1) copies of any plats, declarations,
304
covenants, conditions and restrictions burdening the Property, and (2) copies of any other documents (or, if illegible, summaries of
305
such documents) listed in the schedule of exceptions (Exceptions) in the Title Commitment furnished to Buyer (collectively, Title
306
Documents).
307
8.1.5. Copies of Title Documents. Buyer must receive, on or before Record Title Deadline, copies of all Title
308
Documents. This requirement pertains only to documents as shown of record in the office of the clerk and recorder in the county
309
where the Property is located. The cost of furnishing copies of the documents required in this Section will be at the expense of the
310
party or parties obligated to pay for the owner’s title insurance policy.
311
8.1.6. Existing Abstracts of Title. Seller must deliver to Buyer copies of any abstracts of title covering all or any
312
portion of the Property (Abstract of Title) in Seller’s possession on or before Record Title Deadline.
313
8.2. Record Title. Buyer has the right to review and object to the Abstract of Title or Title Commitment and any of the
314
Title Documents as set forth in § 8.4 (Right to Object to Title, Resolution) on or before Record Title Objection Deadline.
315
Buyer’s objection may be based on any unsatisfactory form or content of Title Commitment or Abstract of Title, notwithstanding
316
§ 13, or any other unsatisfactory title condition, in Buyer’s sole subjective discretion. If the Abstract of Title, Title Commitment or
317
Title Documents are not received by Buyer on or before the Record Title Deadline, or if there is an endorsement to the Title
318
Commitment that adds a new Exception to title, a copy of the new Exception to title and the modified Title Commitment will be
319
delivered to Buyer. Buyer has until the earlier of Closing or ten days after receipt of such documents by Buyer to review and object
320
to: (1) any required Title Document not timely received by Buyer, (2) any change to the Abstract of Title, Title Commitment or
321
Title Documents, or (3) any endorsement to the Title Commitment. If Seller receives Buyer’s Notice to Terminate or Notice of
322
Title Objection, pursuant to this § 8.2 (Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.4
323
(Right to Object to Title, Resolution). If Seller has fulfilled all Seller's obligations, if any, to deliver to Buyer all documents
324
required by § 8.1 (Evidence of Record Title) and Seller does not receive Buyer’s Notice to Terminate or Notice of Title Objection
325
by the applicable deadline specified above, Buyer accepts the condition of title as disclosed by the Abstract of Title, Title
326
Commitment and Title Documents as satisfactory.
327
8.3. Off-Record Title. Seller must deliver to Buyer, on or before Off-Record Title Deadline, true copies of all existing
328
surveys in Seller’s possession pertaining to the Property and must disclose to Buyer all easements, liens (including, without
329
limitation, governmental improvements approved, but not yet installed) or other title matters (including, without limitation, rights
330
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of first refusal and options) not shown by public records, of which Seller has actual knowledge (Off-Record Matters). Buyer has
331
the right to inspect the Property to investigate if any third party has any right in the Property not shown by public records (e.g.,
332
unrecorded easement, boundary line discrepancy or water rights). Buyer’s Notice to Terminate or Notice of Title Objection of any
333
unsatisfactory condition (whether disclosed by Seller or revealed by such inspection, notwithstanding § 8.2 and § 13), in Buyer’s
334
sole subjective discretion, must be received by Seller on or before Off-Record Title Objection Deadline. If an Off-Record Matter
335
is received by Buyer after the Off-Record Title Deadline, Buyer has until the earlier of Closing or ten days after receipt by Buyer
336
to review and object to such Off-Record Matter. If Seller receives Buyer’s Notice to Terminate or Notice of Title Objection
337
pursuant to this § 8.3 (Off-Record Title), any title objection by Buyer and this Contract are governed by the provisions set forth in
338
§ 8.4 (Right to Object to Title, Resolution). If Seller does not receive Buyer’s Notice to Terminate or Notice of Title Objection by
339
the applicable deadline specified above, Buyer accepts title subject to such rights, if any, of third parties of which Buyer has actual
340
knowledge.
341
8.4. Right to Object to Title, Resolution. Buyer’s right to object to any title matters includes, but is not limited to those
342
matters set forth in §§ 8.2 (Record Title), 8.3 (Off-Record Title) and 13 (Transfer of Title), in Buyer’s sole subjective discretion. If
343
Buyer objects to any title matter, on or before the applicable deadline, Buyer has the following options:
344
8.4.1. Title Objection, Resolution. If Seller receives Buyer’s written notice objecting to any title matter (Notice
345
of Title Objection) on or before the applicable deadline, and if Buyer and Seller have not agreed to a written settlement thereof on
346
or before Title Resolution Deadline, this Contract will terminate on the expiration of Title Resolution Deadline, unless Seller
347
receives Buyer’s written withdrawal of Buyer’s Notice of Title Objection (i.e., Buyer’s written notice to waive objection to such
348
items and waives the Right to Terminate for that reason), on or before expiration of Title Resolution Deadline. If either the
349
Record Title Deadline or the Off-Record Title Deadline, or both, are extended to the earlier of Closing or ten days after receipt of
350
the applicable documents by Buyer, pursuant to § 8.2 (Record Title) or § 8.3 (Off-Record Title), the Title Resolution Deadline also
351
will be automatically extended to the earlier of Closing or fifteen days after Buyer's receipt of the applicable documents; or
352
8.4.2. Title Objection, Right to Terminate. Buyer may exercise the Right to Terminate under § 25.1, on or
353
before the applicable deadline, based on any unsatisfactory title matter, in Buyer’s sole subjective discretion.
354
8.5. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION
355
INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE
356
PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT RISK
357
FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF SUCH DEBT WHERE
358
CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH
359
INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE THE
360
SPECIAL TAXING DISTRICTS IN WHICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY
361
TREASURER, BY REVIEWING THE CERTIFICATE OF TAXES DUE FOR THE PROPERTY, AND BY OBTAINING
362
FURTHER INFORMATION FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY CLERK AND
363
RECORDER, OR THE COUNTY ASSESSOR.
364
Buyer has the Right to Terminate under § 25.1, on or before Off-Record Title Objection Deadline, based on any
365
unsatisfactory effect of the Property being located within a special taxing district, in Buyer’s sole subjective discretion.
366
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
367
this Contract, Seller must promptly submit this Contract according to the terms and conditions of such right. If the holder of the
368
right of first refusal exercises such right or the holder of a right to approve disapproves this Contract, this Contract will terminate.
369
If the right of first refusal is waived explicitly or expires, or the Contract is approved, this Contract will remain in full force and
370
effect. Seller must promptly notify Buyer in writing of the foregoing. If expiration or waiver of the right of first refusal or approval
371
of this Contract has not occurred on or before Right of First Refusal Deadline, this Contract will then terminate.
372
8.7. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should be reviewed
373
carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property,
374
including, without limitation, boundary lines and encroachments, set-back requirements, area, zoning, building code violations,
375
unrecorded easements and claims of easements, leases and other unrecorded agreements, water on or under the Property, and
376
various laws and governmental regulations concerning land use, development and environmental matters.
377
8.7.1. OIL, GAS, WATER AND MINERAL DISCLOSURE. THE SURFACE ESTATE OF THE
378
PROPERTY MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE, AND TRANSFER
379
OF THE SURFACE ESTATE MAY NOT NECESSARILY INCLUDE TRANSFER OF THE MINERAL ESTATE OR
380
WATER RIGHTS. THIRD PARTIES MAY OWN OR LEASE INTERESTS IN OIL, GAS, OTHER MINERALS,
381
GEOTHERMAL ENERGY OR WATER ON OR UNDER THE SURFACE OF THE PROPERTY, WHICH INTERESTS
382
MAY GIVE THEM RIGHTS TO ENTER AND USE THE SURFACE OF THE PROPERTY TO ACCESS THE
383
MINERAL ESTATE, OIL, GAS OR WATER.
384
8.7.2. SURFACE USE AGREEMENT. THE USE OF THE SURFACE ESTATE OF THE PROPERTY TO
385
ACCESS THE OIL, GAS OR MINERALS MAY BE GOVERNED BY A SURFACE USE AGREEMENT, A
386
MEMORANDUM OR OTHER NOTICE OF WHICH MAY BE RECORDED WITH THE COUNTY CLERK AND
387
RECORDER.
388
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8.7.3. OIL AND GAS ACTIVITY. OIL AND GAS ACTIVITY THAT MAY OCCUR ON OR ADJACENT
389
TO THE PROPERTY MAY INCLUDE, BUT IS NOT LIMITED TO, SURVEYING, DRILLING, WELL COMPLETION
390
OPERATIONS, STORAGE, OIL AND GAS, OR PRODUCTION FACILITIES, PRODUCING WELLS, REWORKING
391
OF CURRENT WELLS, AND GAS GATHERING AND PROCESSING FACILITIES.
392
8.7.4. ADDITIONAL INFORMATION. BUYER IS ENCOURAGED TO SEEK ADDITIONAL
393
INFORMATION REGARDING OIL AND GAS ACTIVITY ON OR ADJACENT TO THE PROPERTY, INCLUDING
394
DRILLING PERMIT APPLICATIONS. THIS INFORMATION MAY BE AVAILABLE FROM THE COLORADO OIL
395
AND GAS CONSERVATION COMMISSION.
396
8.7.5. Title Insurance Exclusions. Matters set forth in this Section, and others, may be excepted, excluded from,
397
or not covered by the owner’s title insurance policy.
398
8.8. Consult an Attorney. Buyer is advised to timely consult legal counsel with respect to all such matters as there are
399
strict time limits provided in this Contract (e.g., Record Title Objection Deadline and Off-Record Title Objection Deadline).
400
9. NEW ILC, NEW SURVEY.
401
9.1. New ILC or New Survey. If the box is checked, a New Improvement Location Certificate (New ILC)
402
New Survey in the form of ___________________________________________ is required and the following will apply:
403
9.1.1. Ordering of New ILC or New Survey. Seller Buyer will order the New ILC or New Survey. The
404
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
405
date after the date of this Contract.
406
9.1.2. Payment for New ILC or New Survey. The cost of the New ILC or New Survey will be paid, on or
407
before Closing, by: Seller Buyer or:
408
409
410
411
9.1.3. Delivery of New ILC or New Survey. Buyer, Seller, the issuer of the Title Commitment (or the provider
412
of the opinion of title if an Abstract of Title), and _____________________ will receive a New ILC or New Survey on or before
413
New ILC or New Survey Deadline.
414
9.1.4. Certification of New ILC or New Survey. The New ILC or New Survey will be certified by the surveyor
415
to all those who are to receive the New ILC or New Survey.
416
9.2. Buyer’s Right to Waive or Change New ILC or New Survey Selection. Buyer may select a New ILC or New
417
Survey different than initially specified in this Contract if there is no additional cost to Seller or change to the New ILC or New
418
Survey Objection Deadline. Buyer may, in Buyer’s sole subjective discretion, waive a New ILC or New Survey if done prior to
419
Seller incurring any cost for the same.
420
9.3. New ILC or New Survey Objection. Buyer has the right to review and object to the New ILC or New Survey. If
421
the New ILC or New Survey is not timely received by Buyer or is unsatisfactory to Buyer, in Buyer’s sole subjective discretion,
422
Buyer may, on or before New ILC or New Survey Objection Deadline, notwithstanding § 8.3 or § 13:
423
9.3.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or
424
9.3.2. New ILC or New Survey Objection. Deliver to Seller a written description of any matter that was to be
425
shown or is shown in the New ILC or New Survey that is unsatisfactory and that Buyer requires Seller to correct.
426
9.3.3. New ILC or New Survey Resolution. If a New ILC or New Survey Objection is received by Seller, on
427
or before New ILC or New Survey Objection Deadline, and if Buyer and Seller have not agreed in writing to a settlement
428
thereof on or before New ILC or New Survey Resolution Deadline, this Contract will terminate on expiration of the New ILC
429
or New Survey Resolution Deadline, unless Seller receives Buyer’s written withdrawal of the New ILC or New Survey
430
Objection before such termination, i.e., on or before expiration of New ILC or New Survey Resolution Deadline.
431
DISCLOSURE, INSPECTION AND DUE DILIGENCE
432
10. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, DUE DILIGENCE, BUYER
433
DISCLOSURE AND SOURCE OF WATER.
434
10.1. Seller’s Property Disclosure. On or before Seller’s Property Disclosure Deadline, Seller agrees to deliver to
435
Buyer the most current version of the applicable Colorado Real Estate Commission’s Seller’s Property Disclosure form completed
436
by Seller to Seller’s actual knowledge, current as of the date of this Contract.
437
10.2. Disclosure of Latent Defects; Present Condition. Seller must disclose to Buyer any latent defects actually known
438
by Seller. Seller agrees that disclosure of latent defects will be in writing. Except as otherwise provided in this Contract, Buyer
439
acknowledges that Seller is conveying the Property to Buyer in an “As Is” condition, “Where Is” and “With All Faults.”
440
10.3. Inspection. Unless otherwise provided in this Contract, Buyer, acting in good faith, has the right to have inspections
441
(by one or more third parties, personally or both) of the Property and Inclusions (Inspection), at Buyer’s expense. If (1) the
442
physical condition of the Property, including, but not limited to, the roof, walls, structural integrity of the Property, the electrical,
443
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plumbing, HVAC and other mechanical systems of the Property, (2) the physical condition of the Inclusions, (3) service to the
444
Property (including utilities and communication services), systems and components of the Property (e.g., heating and plumbing),
445
(4) any proposed or existing transportation project, road, street or highway, or (5) any other activity, odor or noise (whether on or
446
off the Property) and its effect or expected effect on the Property or its occupants is unsatisfactory, in Buyer’s sole subjective
447
discretion, Buyer may, on or before Inspection Objection Deadline:
448
10.3.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or
449
10.3.2. Inspection Objection. Deliver to Seller a written description of any unsatisfactory physical condition that
450
Buyer requires Seller to correct.
451
10.3.3. Inspection Resolution. If an Inspection Objection is received by Seller, on or before Inspection Objection
452
Deadline, and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Inspection Resolution Deadline,
453
this Contract will terminate on Inspection Resolution Deadline unless Seller receives Buyer’s written withdrawal of the
454
Inspection Objection before such termination, i.e., on or before expiration of Inspection Resolution Deadline.
455
10.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided in this Contract or other written agreement
456
between the parties, is responsible for payment for all inspections, tests, surveys, engineering reports, or other reports performed at
457
Buyer’s request (Work) and must pay for any damage that occurs to the Property and Inclusions as a result of such Work. Buyer
458
must not permit claims or liens of any kind against the Property for Work performed on the Property. Buyer agrees to indemnify,
459
protect and hold Seller harmless from and against any liability, damage, cost or expense incurred by Seller and caused by any such
460
Work, claim, or lien. This indemnity includes Seller’s right to recover all costs and expenses incurred by Seller to defend against
461
any such liability, damage, cost or expense, or to enforce this section, including Seller’s reasonable attorney fees, legal fees and
462
expenses. The provisions of this section survive the termination of this Contract. This § 10.4 does not apply to items performed
463
pursuant to an Inspection Resolution.
464
10.5. Insurability. Buyer has the right to review and object to the availability, terms and conditions of and premium for
465
property insurance (Property Insurance). Buyer has the Right to Terminate under § 25.1, on or before Property Insurance
466
Objection Deadline, based on any unsatisfactory provision of the Property Insurance, in Buyer’s sole subjective discretion.
467
10.6. Due Diligence.
468
10.6.1. Due Diligence Documents. If the respective box is checked, Seller agrees to deliver copies of the following
469
documents and information pertaining to the Property (Due Diligence Documents) to Buyer on or before Due Diligence
470
Documents Delivery Deadline:
471
10.6.1.1. All current leases, including any amendments or other occupancy agreements, pertaining to the
472
Property. Those leases or other occupancy agreements pertaining to the Property that survive Closing are as follows (Leases):
473
474
475
10.6.1.2. Other documents and information:
476
477
478
479
480
10.6.2. Due Diligence Documents Review and Objection. Buyer has the right to review and object to Due
481
Diligence Documents. If the Due Diligence Documents are not supplied to Buyer or are unsatisfactory in Buyer’s sole subjective
482
discretion, Buyer may, on or before Due Diligence Documents Objection Deadline:
483
10.6.2.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or
484
10.6.2.2. Due Diligence Documents Objection. Deliver to Seller a written description of any
485
unsatisfactory Due Diligence Documents that Buyer requires Seller to correct.
486
10.6.3. Due Diligence Documents Resolution. If a Due Diligence Documents Objection is received by Seller, on
487
or before Due Diligence Documents Objection Deadline, and if Buyer and Seller have not agreed in writing to a settlement
488
thereof on or before Due Diligence Documents Resolution Deadline, this Contract will terminate on Due Diligence Documents
489
Resolution Deadline unless Seller receives Buyer’s written withdrawal of the Due Diligence Documents Objection before such
490
termination, i.e., on or before expiration of Due Diligence Documents Resolution Deadline.
491
10.7. Conditional Upon Sale of Property. This Contract is conditional upon the sale and closing of that certain property
492
owned by Buyer and commonly known as ___________________________________________. Buyer has the Right to Terminate
493
under § 25.1 effective upon Seller's receipt of Buyer’s Notice to Terminate on or before Conditional Sale Deadline if such
494
property is not sold and closed by such deadline. This § 10.7 is for the sole benefit of Buyer. If Seller does not receive Buyer’s
495
Notice to Terminate on or before Conditional Sale Deadline, Buyer waives any Right to Terminate under this provision.
496
10.8. Source of Potable Water (Residential Land and Residential Improvements Only). Buyer Does Does Not
497
acknowledge receipt of a copy of Seller’s Property Disclosure or Source of Water Addendum disclosing the source of potable water
498
for the Property. There is No Well. Buyer Does Does Not acknowledge receipt of a copy of the current well permit.
499
CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 11 of 17
Note to Buyer: SOME WATER PROVIDERS RELY, TO VARYING DEGREES, ON NONRENEWABLE GROUND
500
WATER. YOU MAY WISH TO CONTACT YOUR PROVIDER (OR INVESTIGATE THE DESCRIBED SOURCE) TO
501
DETERMINE THE LONG-TERM SUFFICIENCY OF THE PROVIDER’S WATER SUPPLIES.
502
10.9. Carbon Monoxide Alarms. Note: If the improvements on the Property have a fuel-fired heater or appliance, a
503
fireplace, or an attached garage and include one or more rooms lawfully used for sleeping purposes (Bedroom), the parties
504
acknowledge that Colorado law requires that Seller assure the Property has an operational carbon monoxide alarm installed within
505
fifteen feet of the entrance to each Bedroom or in a location as required by the applicable building code.
506
10.10. Lead-Based Paint. Unless exempt, if the improvements on the Property include one or more residential dwellings
507
for which a building permit was issued prior to January 1, 1978, this Contract is void unless (1) a completed Lead-Based Paint
508
Disclosure (Sales) form is signed by Seller, the required real estate licensees and Buyer, and (2) Seller receives the completed and
509
fully executed form prior to the time when this Contract is signed by all parties. Buyer acknowledges timely receipt of a completed
510
Lead-Based Paint Disclosure (Sales) form signed by Seller and the real estate licensees.
511
10.11. Methamphetamine Disclosure. If Seller knows that methamphetamine was ever manufactured, processed, cooked,
512
disposed of, used or stored at the Property, Seller is required to disclose such fact. No disclosure is required if the Property was
513
remediated in accordance with state standards and other requirements are fulfilled pursuant to § 25-18.5-102, C.R.S. Buyer further
514
acknowledges that Buyer has the right to engage a certified hygienist or industrial hygienist to test whether the Property has ever
515
been used as a methamphetamine laboratory. Buyer has the Right to Terminate under § 25.1, upon Seller’s receipt of Buyer’s
516
written Notice to Terminate, notwithstanding any other provision of this Contract, based on Buyer’s test results that indicate the
517
Property has been contaminated with methamphetamine, but has not been remediated to meet the standards established by rules of
518
the State Board of Health promulgated pursuant to § 25-18.5-102, C.R.S. Buyer must promptly give written notice to Seller of the
519
results of the test.
520
11. TENANT ESTOPPEL STATEMENTS. [Intentionally Deleted]
521
CLOSING PROVISIONS
522
12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING.
523
12.1. Closing Documents and Closing Information. Seller and Buyer will cooperate with the Closing Company to
524
enable the Closing Company to prepare and deliver documents required for Closing to Buyer and Seller and their designees. If
525
Buyer is obtaining a new loan to purchase the Property, Buyer acknowledges Buyer’s lender is required to provide the Closing
526
Company, in a timely manner, all required loan documents and financial information concerning Buyer’s new loan. Buyer and
527
Seller will furnish any additional information and documents required by Closing Company that will be necessary to complete this
528
transaction. Buyer and Seller will sign and complete all customary or reasonably required documents at or before Closing.
529
12.2. Closing Instructions. Colorado Real Estate Commission’s Closing Instructions Are Are Not executed with
530
this Contract.
531
12.3. Closing. Delivery of deed from Seller to Buyer will be at closing (Closing). Closing will be on the date specified as
532
the Closing Date or by mutual agreement at an earlier date. The hour and place of Closing will be as designated by
533
________________________________________.
534
12.4. Disclosure of Settlement Costs. Buyer and Seller acknowledge that costs, quality, and extent of service vary
535
between different settlement service providers (e.g., attorneys, lenders, inspectors and title companies).
536
13. TRANSFER OF TITLE. Subject to tender of payment at Closing as required herein and compliance by Buyer with the
537
other terms and provisions hereof, Seller must execute and deliver a good and sufficient ______________________________ deed
538
to Buyer, at Closing, conveying the Property free and clear of all taxes except the general taxes for the year of Closing. Except as
539
provided herein, title will be conveyed free and clear of all liens, including any governmental liens for special improvements
540
installed as of the date of Buyer’s signature hereon, whether assessed or not. Title will be conveyed subject to:
541
13.1. Those specific Exceptions described by reference to recorded documents as reflected in the Title Documents
542
accepted by Buyer in accordance with Record Title,
543
13.2. Distribution utility easements (including cable TV),
544
13.3. Those specifically described rights of third parties not shown by the public records of which Buyer has actual
545
knowledge and which were accepted by Buyer in accordance with Off-Record Title and New ILC or New Survey,
546
13.4. Inclusion of the Property within any special taxing district, and
547
13.5. Any special assessment if the improvements were not installed as of the date of Buyer’s signature hereon, whether
548
assessed prior to or after Closing, and
549
13.6. Other _______________________________________.
550
14. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid will be paid at or before Closing from the
551
proceeds of this transaction or from any other source.
552
CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 12 of 17
15. CLOSING COSTS, CLOSING FEE, ASSOCIATION FEES AND TAXES.
553
15.1. Closing Costs. Buyer and Seller must pay, in Good Funds, their respective closing costs and all other items required
554
to be paid at Closing, except as otherwise provided herein.
555
15.2. Closing Services Fee. The fee for real estate closing services must be paid at Closing by Buyer Seller
556
One-Half by Buyer and One-Half by Seller Other _______________________________________.
557
15.3. Status Letter and Record Change Fees. Any fees incident to the issuance of Association’s statement of
558
assessments (Status Letter) must be paid by None Buyer Seller One-Half by Buyer and One-Half by Seller.
559
Any record change fee assessed by the Association including, but not limited to, ownership record transfer fees regardless of name
560
or title of such fee (Association’s Record Change Fee) must be paid by None Buyer Seller One-Half by Buyer
561
and One-Half by Seller.
562
15.4. Local Transfer Tax. The Local Transfer Tax of ________% of the Purchase Price must be paid at Closing by
563
None Buyer Seller One-Half by Buyer and One-Half by Seller.
564
15.5. Private Transfer Fee. Private transfer fees and other fees due to a transfer of the Property, payable at Closing, such
565
as community association fees, developer fees and foundation fees, must be paid at Closing by None Buyer Seller
566
One-Half by Buyer and One-Half by Seller. The Private Transfer fee, whether one or more, is for the following association(s):
567
in the total amount of % of the Purchase Price or $_________________.
568
15.6. Water Transfer Fees. The Water Transfer Fees can change. The fees, as of the date of this Contract, do not exceed
569
$____________ for:
570
Water Stock/Certificates Water District
571
Augmentation Membership Small Domestic Water Company __________
572
and must be paid at Closing by None Buyer Seller One-Half by Buyer and One-Half by Seller
573
15.7. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction must be paid when due by
574
None Buyer Seller One-Half by Buyer and One-Half by Seller.
575
16. PRORATIONS. The following will be prorated to the Closing Date, except as otherwise provided:
576
16.1. Taxes. Personal property taxes, if any, special taxing district assessments, if any, and general real estate taxes for the
577
year of Closing, based on Taxes for the Calendar Year Immediately Preceding Closing Most Recent Mill Levy and
578
Most Recent Assessed Valuation, adjusted by any applicable qualifying seniors property tax exemption, qualifying disabled
579
veteran exemption or Other .
580
16.2. Rents. Rents based on Rents Actually Received Accrued. At Closing, Seller will transfer or credit to
581
Buyer the security deposits for all Leases assigned, or any remainder after lawful deductions, and notify all tenants in writing of
582
such transfer and of the transferee’s name and address. Seller must assign to Buyer all Leases in effect at Closing and Buyer must
583
assume Seller’s obligations under such Leases.
584
16.3. Association Assessments. Current regular Association assessments and dues (Association Assessments) paid in
585
advance will be credited to Seller at Closing. Cash reserves held out of the regular Association Assessments for deferred
586
maintenance by the Association will not be credited to Seller except as may be otherwise provided by the Governing Documents.
587
Buyer acknowledges that Buyer may be obligated to pay the Association, at Closing, an amount for reserves or working capital.
588
Any special assessment assessed prior to Closing Date by the Association will be the obligation of Buyer Seller. Except
589
however, any special assessment by the Association for improvements that have been installed as of the date of Buyer’s signature
590
hereon, whether assessed prior to or after Closing, will be the obligation of Seller. Seller represents that the Association
591
Assessments are currently payable at approximately $______________ per ______________ and that there are no unpaid regular
592
or special assessments against the Property except the current regular assessments and ______________________________. Such
593
assessments are subject to change as provided in the Governing Documents. Seller agrees to promptly request the Association to
594
deliver to Buyer before Closing Date a current Status Letter.
595
16.4. Other Prorations. Water and sewer charges, propane, interest on continuing loan, and _______________________.
596
16.5. Final Settlement. Unless otherwise agreed in writing, these prorations are final.
597
17. POSSESSION. Possession of the Property will be delivered to Buyer on Possession Date at Possession Time, subject to
598
the Leases as set forth in § 10.6.1.1.
599
600
If Seller, after Closing, fails to deliver possession as specified, Seller will be subject to eviction and will be additionally liable
601
to Buyer for payment of $______________ per day (or any part of a day notwithstanding § 18.1) from Possession Date and
602
Possession Time until possession is delivered.
603
Buyer represents that Buyer will occupy the Property as Buyer’s principal residence unless the following box is checked,
604
then Buyer Does Not represent that Buyer will occupy the Property as Buyer’s principal residence.
605
If the box is checked, Buyer and Seller agree to execute a Post-Closing Occupancy Agreement.
606
CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 13 of 17
GENERAL PROVISIONS
607
18. DAY; COMPUTATION OF PERIOD OF DAYS, DEADLINE.
608
18.1. Day. As used in this Contract, the term “day” means the entire day ending at 11:59 p.m., United States Mountain
609
Time (Standard or Daylight Savings as applicable).
610
18.2. Computation of Period of Days, Deadline. In computing a period of days, when the ending date is not specified,
611
the first day is excluded and the last day is included (e.g., three days after MEC). If any deadline falls on a Saturday, Sunday or
612
federal or Colorado state holiday (Holiday), such deadline Will Will Not be extended to the next day that is not a
613
Saturday, Sunday or Holiday. Should neither box be checked, the deadline will not be extended.
614
19. CAUSES OF LOSS, INSURANCE; DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION; AND
615
WALK-THROUGH. Except as otherwise provided in this Contract, the Property, Inclusions or both will be delivered in the
616
condition existing as of the date of this Contract, ordinary wear and tear excepted.
617
19.1. Causes of Loss, Insurance. In the event the Property or Inclusions are damaged by fire, other perils or causes of
618
loss prior to Closing in an amount of not more than ten percent of the total Purchase Price (Property Damage), and if the repair of
619
the damage will be paid by insurance (other than the deductible to be paid by Seller), then Seller, upon receipt of the insurance
620
proceeds, will use Seller’s reasonable efforts to repair the Property before Closing Date. Buyer has the Right to Terminate under
621
§ 25.1, on or before Closing Date if the Property is not repaired before Closing Date or if the damage exceeds such sum. Should
622
Buyer elect to carry out this Contract despite such Property Damage, Buyer is entitled to a credit at Closing for all insurance
623
proceeds that were received by Seller (but not the Association, if any) resulting from damage to the Property and Inclusions, plus
624
the amount of any deductible provided for in the insurance policy. This credit may not exceed the Purchase Price. In the event
625
Seller has not received the insurance proceeds prior to Closing, the parties may agree to extend the Closing Date to have the
626
Property repaired prior to Closing or, at the option of Buyer, (1) Seller must assign to Buyer the right to the proceeds at Closing, if
627
acceptable to Seller’s insurance company and Buyer’s lender; or (2) the parties may enter into a written agreement prepared by the
628
parties or their attorney requiring the Seller to escrow at Closing from Seller’s sale proceeds the amount Seller has received and
629
will receive due to such damage, not exceeding the total Purchase Price, plus the amount of any deductible that applies to the
630
insurance claim.
631
19.2. Damage, Inclusions and Services. Should any Inclusion or service (including utilities and communication
632
services), system, component or fixture of the Property (collectively Service) (e.g., heating or plumbing), fail or be damaged
633
between the date of this Contract and Closing or possession, whichever is earlier, then Seller is liable for the repair or replacement
634
of such Inclusion or Service with a unit of similar size, age and quality, or an equivalent credit, but only to the extent that the
635
maintenance or replacement of such Inclusion or Service is not the responsibility of the Association, if any, less any insurance
636
proceeds received by Buyer covering such repair or replacement. If the failed or damaged Inclusion or Service is not repaired or
637
replaced on or before Closing or possession, whichever is earlier, Buyer has the Right to Terminate under § 25.1, on or before
638
Closing Date, or, at the option of Buyer, Buyer is entitled to a credit at Closing for the repair or replacement of such Inclusion or
639
Service. Such credit must not exceed the Purchase Price. If Buyer receives such a credit, Seller's right for any claim against the
640
Association, if any, will survive Closing. Seller and Buyer are aware of the existence of pre-owned home warranty programs that
641
may be purchased and may cover the repair or replacement of such Inclusions.
642
19.3. Condemnation. In the event Seller receives actual notice prior to Closing that a pending condemnation action may
643
result in a taking of all or part of the Property or Inclusions, Seller must promptly notify Buyer, in writing, of such condemnation
644
action. Buyer has the Right to Terminate under § 25.1, on or before Closing Date, based on such condemnation action, in Buyer’s
645
sole subjective discretion. Should Buyer elect to consummate this Contract despite such diminution of value to the Property and
646
Inclusions, Buyer is entitled to a credit at Closing for all condemnation proceeds awarded to Seller for the diminution in the value
647
of the Property or Inclusions but such credit will not include relocation benefits or expenses, or exceed the Purchase Price.
648
19.4. Walk-Through and Verification of Condition. Buyer, upon reasonable notice, has the right to walk through the
649
Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with this Contract.
650
20. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller acknowledge
651
that the respective broker has advised that this Contract has important legal consequences and has recommended the examination
652
of title and consultation with legal and tax or other counsel before signing this Contract.
653
21. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence for all dates and deadlines in this Contract.
654
This means that all dates and deadlines are strict and absolute. If any payment due, including Earnest Money, is not paid, honored
655
or tendered when due, or if any obligation is not performed timely as provided in this Contract or waived, the non-defaulting
656
party has the following remedies:
657
21.1. If Buyer is in Default:
658
CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 14 of 17
21.1.1. Specific Performance. Seller may elect to cancel this Contract and all Earnest Money (whether or not paid
659
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
660
the amount is fair and reasonable. Seller may recover such additional damages as may be proper. Alternatively, Seller may elect
661
to treat this Contract as being in full force and effect and Seller has the right to specific performance or damages, or both.
662
21.1.2. Liquidated Damages, Applicable. This § 21.1.2 applies unless the box in § 21.1.1. is checked. Seller
663
may cancel this Contract. All Earnest Money (whether or not paid by Buyer) will be paid to Seller, and retained by Seller. It is
664
agreed that the Earnest Money specified in § 4.1 is LIQUIDATED DAMAGES, and not a penalty, which amount the parties agree
665
is fair and reasonable and (except as provided in §§ 10.4, 22, 23 and 24), said payment of Earnest Money is SELLER’S ONLY
666
REMEDY for Buyer’s failure to perform the obligations of this Contract. Seller expressly waives the remedies of specific
667
performance and additional damages.
668
21.2. If Seller is in Default: Buyer may elect to treat this Contract as canceled, in which case all Earnest Money received
669
hereunder will be returned and Buyer may recover such damages as may be proper. Alternatively, Buyer may elect to treat this
670
Contract as being in full force and effect and Buyer has the right to specific performance or damages, or both.
671
22. LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of any arbitration
672
or litigation relating to this Contract, prior to or after Closing Date, the arbitrator or court must award to the prevailing party all
673
reasonable costs and expenses, including attorney fees, legal fees and expenses.
674
23. MEDIATION. If a dispute arises relating to this Contract, (whether prior to or after Closing) and is not resolved, the parties
675
must first proceed, in good faith, to mediation. Mediation is a process in which the parties meet with an impartial person who helps
676
to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. Before any mediated settlement is
677
binding, the parties to the dispute must agree to the settlement, in writing. The parties will jointly appoint an acceptable mediator
678
and will share equally in the cost of such mediation. The obligation to mediate, unless otherwise agreed, will terminate if the entire
679
dispute is not resolved within thirty days of the date written notice requesting mediation is delivered by one party to the other at
680
that party’s last known address (physical or electronic as provided in § 27). Nothing in this Section prohibits either party from
681
filing a lawsuit and recording a lis pendens affecting the Property, before or after the date of written notice requesting mediation.
682
This section will not alter any date in this Contract, unless otherwise agreed.
683
24. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder must release the Earnest
684
Money following receipt of written mutual instructions, signed by both Buyer and Seller. In the event of any controversy regarding
685
the Earnest Money, Earnest Money Holder is not required to release the Earnest Money. Earnest Money Holder, in its sole
686
subjective discretion, has several options: (1) wait for any proceeding between Buyer and Seller; (2) interplead all parties and
687
deposit Earnest Money into a court of competent jurisdiction, (Earnest Money Holder is entitled to recover court costs and
688
reasonable attorney and legal fees incurred with such action); or (3) provide notice to Buyer and Seller that unless Earnest Money
689
Holder receives a copy of the Summons and Complaint or Claim (between Buyer and Seller) containing the case number of the
690
lawsuit (Lawsuit) within one hundred twenty days of Earnest Money Holder’s notice to the parties, Earnest Money Holder is
691
authorized to return the Earnest Money to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit, and has
692
not interpled the monies at the time of any Order, Earnest Money Holder must disburse the Earnest Money pursuant to the Order
693
of the Court. The parties reaffirm the obligation of Mediation. This Section will survive cancellation or termination of this
694
Contract.
695
25. TERMINATION.
696
25.1. Right to Terminate. If a party has a right to terminate, as provided in this Contract (Right to Terminate), the
697
termination is effective upon the other party’s receipt of a written notice to terminate (Notice to Terminate), provided such written
698
notice was received on or before the applicable deadline specified in this Contract. If the Notice to Terminate is not received on or
699
before the specified deadline, the party with the Right to Terminate accepts the specified matter, document or condition as
700
satisfactory and waives the Right to Terminate under such provision.
701
25.2. Effect of Termination. In the event this Contract is terminated, all Earnest Money received hereunder will be
702
returned and the parties are relieved of all obligations hereunder, subject to §§ 10.4, 22, 23 and 24.
703
26. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL; SUCCESSORS. This Contract, its exhibits and specified
704
addenda, constitute the entire agreement between the parties relating to the subject hereof, and any prior agreements pertaining
705
thereto, whether oral or written, have been merged and integrated into this Contract. No subsequent modification of any of the
706
terms of this Contract is valid, binding upon the parties, or enforceable unless made in writing and signed by the parties. Any right
707
or obligation in this Contract that, by its terms, exists or is intended to be performed after termination or Closing survives the
708
same. Any successor to a Party receives the predecessor’s benefits and obligations of this Contract.
709
CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 15 of 17
27. NOTICE, DELIVERY, AND CHOICE OF LAW.
710
27.1. Physical Delivery and Notice. Any document, or notice to Buyer or Seller must be in writing, except as provided in
711
§ 27.2, and is effective when physically received by such party, any individual named in this Contract to receive documents or
712
notices for such party, the Broker, or Brokerage Firm of Broker working with such party (except any notice or delivery after
713
Closing must be received by the party, not Broker or Brokerage Firm).
714
27.2. Electronic Notice. As an alternative to physical delivery, any notice, may be delivered in electronic form to Buyer
715
or Seller, any individual named in this Contract to receive documents or notices for such party, the Broker or Brokerage Firm of
716
Broker working with such party (except any notice or delivery after Closing must be received by the party; not Broker or
717
Brokerage Firm) at the electronic address of the recipient by facsimile, email or ______________________________________.
718
27.3. Electronic Delivery. Electronic Delivery of documents and notice may be delivered by: (1) email at the email
719
address of the recipient, (2) a link or access to a website or server provided the recipient receives the information necessary to
720
access the documents, or (3) facsimile at the Fax No. of the recipient.
721
27.4. Choice of Law. This Contract and all disputes arising hereunder are governed by and construed in accordance with
722
the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract in Colorado for real property
723
located in Colorado.
724
28. NOTICE OF ACCEPTANCE, COUNTERPARTS. This proposal will expire unless accepted in writing, by Buyer and
725
Seller, as evidenced by their signatures below, and the offering party receives notice of such acceptance pursuant to § 27 on or
726
before Acceptance Deadline Date and Acceptance Deadline Time. If accepted, this document will become a contract between
727
Seller and Buyer. A copy of this Contract may be executed by each party, separately, and when each party has executed a copy
728
thereof, such copies taken together are deemed to be a full and complete contract between the parties.
729
29. GOOD FAITH. Buyer and Seller acknowledge that each party has an obligation to act in good faith including, but not
730
limited to, exercising the rights and obligations set forth in the provisions of Financing Conditions and Obligations, Title
731
Insurance, Record Title and Off-Record Title, New ILC, New Survey and Property Disclosure, Inspection, Indemnity,
732
Insurability, Due Diligence, Buyer Disclosure and Source of Water.
733
ADDITIONAL PROVISIONS AND ATTACHMENTS
734
30. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real Estate
735
Commission.)
736
737
738
739
740
741
742
743
744
31. ATTACHMENTS.
745
31.1. The following attachments are a part of this Contract:
746
747
31.1.1. Post-Closing Occupancy Agreement. If the Post-Closing Occupancy Agreement box is checked in § 17 the Post-
748
Closing Occupancy Agreement is attached.
749
750
751
752
31.2. The following disclosure forms are attached but are not a part of this Contract:
753
754
755
756
757
SIGNATURES
758
759
Buyer’s Name:
Buyer’s Name:
CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 16 of 17
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. Refer to § 32]
760
Seller’s Name:
Seller’s Name:
Seller’s Signature
Date
Seller’s Signature
Date
Address:
Address:
Phone No.:
Phone No.:
Fax No.:
Fax No.:
Email Address:
Email Address:
761
32. COUNTER; REJECTION. This offer is Countered Rejected.
762
Initials only of party (Buyer or Seller) who countered or rejected offer
763
END OF CONTRACT TO BUY AND SELL REAL ESTATE
764
33. BROKER’S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE.
(To be completed by Broker working with Buyer)
Broker Does Does Not acknowledge receipt of Earnest Money deposit and, while not a party to the Contract, agrees to
cooperate upon request with any mediation concluded under § 23. 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.
Broker is working with Buyer as a Buyer’s Agent Seller’s Agent Transaction-Broker in this transaction.
This is a Change of Status.
Brokerage Firm’s compensation or commission is to be paid by Listing Brokerage Firm Buyer Other .
Brokerage Firm’s Name:
Broker’s Name:
Broker’s Signature
Date
Address:
Phone No.:
Fax No.:
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CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 17 of 17
Email Address:
34. BROKER’S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE.
(To be completed by Broker working with Seller)
Broker Does Does Not acknowledge receipt of Earnest Money deposit and, while not a party to the Contract, agrees to
cooperate upon request with any mediation concluded under § 23. 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.
Broker is working with Seller as a Seller’s Agent Buyer’s Agent Transaction-Broker in this transaction.
This is a Change of Status.
Brokerage Firm’s compensation or commission is to be paid by Seller Buyer Other .
Brokerage Firm’s Name:
Broker’s Name:
Broker’s Signature
Date
Address:
Phone No.:
Fax No.:
Email Address:
765
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Contract to Buy and Sell, Residential

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Completed 22 January 2019

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