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Contract to Buy and Sell, Land

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CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 1 of 17
The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission.
1
(CBS4-6-15) (Mandatory 1-16)
2
3
THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR
4
OTHER COUNSEL BEFORE SIGNING.
5
6
CONTRACT TO BUY AND SELL REAL ESTATE
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(LAND)
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( Property with No Residences)
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( Property with Residences-Residential Addendum Attached)
10
11
Date:
12
AGREEMENT
13
1. AGREEMENT. Buyer agrees to buy and Seller agrees to sell, the Property described below on the terms and conditions set
14
forth in this contract (Contract).
15
2. PARTIES AND PROPERTY.
16
2.1. Buyer. Buyer, ,
17
will take title to the Property described below as Joint Tenants Tenants In Common Other .
18
2.2. No Assignability. This Contract Is Not assignable by Buyer unless otherwise specified in Additional Provisions.
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20
2.3. Seller. Seller, , is
21
the current owner of the Property described below.
22
2.4. Property. The Property is the following legally described real estate in the County of , Colorado:
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24
25
26
27
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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).
32
33
2.5. Inclusions. The Purchase Price includes the following items (Inclusions):
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2.5.1. Inclusions. The following items, whether fixtures or personal property, are included in the Purchase Price
35
unless excluded under Exclusions:
36
37
38
39
40
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If any additional items are attached to the Property after the date of this Contract, such additional items are also included in the
42
Purchase Price.
43
2.5.2. 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
47
2.6. Exclusions. The following items are excluded (Exclusions):
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49
50
51
52
53
CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 2 of 17
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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56
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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,
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2.7.4 and 2.7.5, will be transferred to Buyer at Closing:
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61
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2.7.3. Well Rights. Seller agrees to supply required information to Buyer about the well. Buyer understands that
63
if the well to be transferred is a “Small Capacity Well” or a “Domestic Exempt Water Well,” used for ordinary household
64
purposes, Buyer must, prior to or at Closing, complete a Change in Ownership form for the well. If an existing well has not been
65
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
67
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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71
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2.7.5. Water and Sewer Taps. The parties agree that water and sewer taps listed below for the Property are being
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conveyed as part of the Purchase Price as follows:
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75
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77
78
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If any water or sewer taps are included in the sale, Buyer is advised to obtain, from the provider, written confirmation of
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the amount remaining to be paid, if any, time and other restrictions for transfer and use of the taps.
81
2.7.6. 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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2.8. Growing Crops. With respect to growing crops, Seller and Buyer agree as follows:
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86
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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
CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 3 of 17
17
§ 5.4
Loan Transfer Approval Deadline
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
27
§ 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
30
§ 10.6
Due Diligence Documents Resolution Deadline
31
§ 10.6
Environmental Inspection Objection Deadline
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§ 10.6
ADA Evaluation Objection Deadline
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§ 10.7
Conditional Sale Deadline
34
§ 11.1
Tenant Estoppel Statements Deadline
35
§ 11.2
Tenant Estoppel Statements Objection 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
3.1. Applicability of Terms. Any box checked in this Contract means the corresponding provision applies. Any box,
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blank or line in this Contract left blank or completed with the abbreviation “N/A”, or the word “Deleted” means such provision,
90
including any deadline, is not applicable and the corresponding provision of this Contract to which reference is made is deleted. If
91
no box is checked in a provision that contains a selection of “None”, such provision means that “None” applies.
92
The abbreviation “MEC” (mutual execution of this Contract) means the date upon which both parties have signed this Contract.
93
94
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:
96
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
97
Concession may be used for any Buyer fee, cost, charge or expenditure to the extent the amount is allowed by the Buyer’s lender
98
and is included in the Closing Statement or Closing Disclosure, at Closing. Examples of allowable items to be paid for by the
99
Seller Concession include, but are not limited to: Buyer’s closing costs, loan discount points, loan origination fees, prepaid items
100
and any other fee, cost, charge, expense or expenditure. Seller Concession is in addition to any sum Seller has agreed to pay or
101
credit Buyer elsewhere in this Contract.
102
CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 4 of 17
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
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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
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and return to Buyer or Broker working with Buyer, written mutual instructions (e.g., Earnest Money Release form), within three
116
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
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Closing OR SUCH NONPAYING PARTY WILL BE IN DEFAULT. Buyer represents that Buyer, as of the date of this
124
Contract, Does Does Not have funds that are immediately verifiable and available in an amount not less than the amount
125
stated as Cash at Closing 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 provided in § 4.2, if applicable, must timely pay Buyer’s loan
128
costs, loan discount points, prepaid items and loan origination fees, as required by lender.
129
4.5.2. Buyer May Select Financing. Buyer may pay in cash or select financing appropriate and acceptable to
130
Buyer, including a different loan than initially sought, except as restricted in § 4.5.3 or § 30 (Additional Provisions).
131
4.5.3. Loan Limitations. Buyer may purchase the Property using any of the following types of loans:
132
Conventional Other .
133
4.6. Assumption. Buyer agrees to assume and pay an existing loan in the approximate amount of the Assumption
134
Balance set forth in § 4.1, presently payable at $______________ per ________________ including principal and interest
135
presently at the rate of ________% per annum, and also including escrow for the following as indicated: Real Estate Taxes
136
Property 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
138
not exceed ________% per annum and the new payment will not exceed $_____________ per ________________ principal and
139
interest, plus escrow, if any. If the actual principal balance of the existing loan at Closing is less than the Assumption Balance,
140
which causes the amount of cash required from Buyer at Closing to be increased by more than $_____________, then Buyer has
141
the Right to Terminate under § 25.1, on or before Closing Date, based on the reduced amount of the actual principal balance.
142
Seller Will Will Not be released from liability on said loan. If applicable, compliance with the requirements for
143
release from liability will be evidenced by delivery on or before Loan Transfer Approval Deadline at Closing of an
144
appropriate letter of commitment from lender. Any cost payable for release of liability will be paid by
145
in an amount not to exceed $_____________.
146
4.7. Seller or Private Financing.
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WARNING: Unless the transaction is exempt, federal and state laws impose licensing, other requirements and restrictions on
148
sellers and private financiers. Contract provisions on financing and financing documents, unless exempt, should be prepared by a
149
licensed Colorado attorney or licensed mortgage loan originator. Brokers should not prepare or advise the parties on the specifics
150
of financing, including whether or not a party is exempt from the law.
151
4.7.1. Seller Financing. If Buyer is to pay all or any portion of the Purchase Price with Seller financing,
152
Buyer Seller will deliver the proposed Seller financing documents to the other party on or before _________ days before
153
Seller or Private Financing Deadline.
154
4.7.1.1. Seller May Terminate. If Seller is to provide Seller financing, this Contract is conditional upon
155
Seller determining whether such financing is satisfactory to the Seller, including its payments, interest rate, terms, conditions, cost
156
and compliance with the law. Seller has the Right to Terminate under § 25.1, on or before Seller or Private Financing Deadline,
157
if such Seller financing is not satisfactory to the Seller, in Seller’s sole subjective discretion.
158
4.7.2. Buyer May Terminate. If Buyer is to pay all or any portion of the Purchase Price with Seller or private
159
financing, this Contract is conditional upon Buyer determining whether such financing is satisfactory to the Buyer, including its
160
availability, payments, interest rate, terms, conditions and cost. Buyer has the Right to Terminate under § 25.1, on or before Seller
161
CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 5 of 17
or Private Financing Deadline, if such Seller or private financing is not satisfactory to Buyer, in Buyer’s sole subjective
162
discretion.
163
TRANSACTION PROVISIONS
164
5. FINANCING CONDITIONS AND OBLIGATIONS.
165
5.1. Loan Application. If Buyer is to pay all or part of the Purchase Price by obtaining one or more new loans (New
166
Loan), or if an existing loan is not to be released at Closing, Buyer, if required by such lender, must make an application verifiable
167
by such lender, on or before Loan Application Deadline and exercise reasonable efforts to obtain such loan or approval.
168
5.2. Loan Objection. If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is conditional
169
upon Buyer determining, in Buyer’s sole subjective discretion, whether the New Loan is satisfactory to Buyer, including its
170
availability, payments, interest rate, terms, conditions, and cost of such New Loan. This condition is for the sole benefit of Buyer.
171
Buyer has the Right to Terminate under § 25.1, on or before Loan Objection Deadline, if the New Loan is not satisfactory to
172
Buyer, in Buyer’s sole subjective discretion. IF SELLER IS NOT IN DEFAULT AND DOES NOT TIMELY RECEIVE
173
BUYER’S WRITTEN NOTICE TO TERMINATE, BUYER’S EARNEST MONEY WILL BE NONREFUNDABLE, except
174
as otherwise provided in this Contract (e.g., Appraisal, Title, Survey).
175
5.3. Credit Information. If an existing loan is not to be released at Closing, this Contract is conditional (for the sole
176
benefit of Seller) upon Seller’s approval of Buyer’s financial ability and creditworthiness, which approval will be at Seller’s sole
177
subjective discretion. Accordingly: (1) Buyer must supply to Seller by Buyer’s Credit Information Deadline, at Buyer’s
178
expense, information and documents (including a current credit report) concerning Buyer’s financial, employment and credit
179
condition; (2) Buyer consents that Seller may verify Buyer’s financial ability and creditworthiness; and (3) any such information
180
and documents received by Seller must be held by Seller in confidence, and not released to others except to protect Seller’s interest
181
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
182
§ 25.1, on or before Closing. If Seller disapproves of Buyer’s financial ability or creditworthiness, in Seller’s sole subjective
183
discretion, Seller has the Right to Terminate under § 25.1, on or before Disapproval of Buyer’s Credit Information Deadline.
184
5.4. Existing Loan Review. If an existing loan is not to be released at Closing, Seller must deliver copies of the loan
185
documents (including note, deed of trust, and any modifications) to Buyer by Existing Loan Documents Deadline. For the sole
186
benefit of Buyer, this Contract is conditional upon Buyer’s review and approval of the provisions of such loan documents. Buyer
187
has the Right to Terminate under § 25.1, on or before Existing Loan Documents Objection Deadline, based on any
188
unsatisfactory provision of such loan documents, in Buyer’s sole subjective discretion. If the lender’s approval of a transfer of the
189
Property is required, this Contract is conditional upon Buyer’s obtaining such approval without change in the terms of such loan,
190
except as set forth in § 4.6. If lender’s approval is not obtained by Loan Transfer Approval Deadline, this Contract will
191
terminate on such deadline. Seller has the Right to Terminate under § 25.1, on or before Closing, in Seller’s sole subjective
192
discretion, if Seller is to be released from liability under such existing loan and Buyer does not obtain such compliance as set forth
193
in § 4.6.
194
6. APPRAISAL PROVISIONS.
195
6.1. Appraisal Definition. An “Appraisal” is an opinion of value prepared by a licensed or certified appraiser, engaged
196
on behalf of Buyer or Buyer’s lender, to determine the Property’s market value (Appraised Value). The Appraisal may also set
197
forth certain lender requirements, replacements, removals or repairs necessary on or to the Property as a condition for the Property
198
to be valued at the Appraised Value.
199
6.2. Appraisal Condition. The applicable appraisal provision set forth below applies to the respective loan type set forth
200
in § 4.5.3, or if a cash transaction (i.e. no financing), § 6.2.1 applies.
201
6.2.1. Conventional/Other. Buyer has the right to obtain an Appraisal. If the Appraised Value is less than the
202
Purchase Price, or if the Appraisal is not received by Buyer on or before Appraisal Deadline Buyer may, on or before Appraisal
203
Objection Deadline, notwithstanding § 8.3 or § 13:
204
6.2.1.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or
205
6.2.1.2. Appraisal Objection. Deliver to Seller a written objection accompanied by either a copy of the
206
Appraisal or written notice from lender that confirms the Appraisal Value is less than the Purchase Price.
207
6.2.1.3. Appraisal Resolution. If an Appraisal Objection is received by Seller, on or before Appraisal
208
Objection Deadline, and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Appraisal Resolution
209
Deadline (§ 3), this Contract will terminate on the Appraisal Resolution Deadline, unless Seller receives Buyer’s written
210
withdrawal of the Appraisal Objection before such termination, i.e., on or before expiration of Appraisal Resolution Deadline.
211
212
6.3. Lender Property Requirements. If the lender imposes any requirements, replacements, removals or repairs,
213
including any specified in the Appraisal (Lender Requirements) to be made to the Property (e.g., roof repair, repainting), beyond
214
those matters already agreed to by Seller in this Contract, Seller has the Right to Terminate under § 25.1, (notwithstanding § 10 of
215
this Contract), on or before three days following Seller’s receipt of the Lender Requirements, in Seller’s sole subjective discretion.
216
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
217
CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 6 of 17
parties enter into a written agreement regarding the Lender Requirements; or (2) the Lender Requirements have been completed; or
218
(3) the satisfaction of the Lender Requirements is waived in writing by Buyer.
219
6.4. Cost of Appraisal. Cost of the Appraisal to be obtained after the date of this Contract must be timely paid by
220
Buyer Seller. The cost of the Appraisal may include any and all fees paid to the appraiser, appraisal management company,
221
lender's agent or all three.
222
223
7. OWNERS’ ASSOCIATION. This Section is applicable if the Property is located within a Common Interest
224
Community and subject to such declaration.
225
7.1. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A COMMON
226
INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY. THE OWNER OF
227
THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS’ ASSOCIATION FOR THE
228
COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE
229
ASSOCIATION. THE DECLARATION, BYLAWS, AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL
230
OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY
231
ASSESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE
232
ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE
233
DECLARATION, BYLAWS, AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE
234
OWNER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE
235
ASSOCIATION (OR A COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION.
236
PURCHASERS OF PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE
237
FINANCIAL OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY
238
READ THE DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF
239
THE ASSOCIATION.
240
7.2. Owners’ Association Documents. Owners’ Association Documents (Association Documents) consist of the
241
following:
242
7.2.1. All Owners’ Association declarations, articles of incorporation, bylaws, articles of organization, operating
243
agreements, rules and regulations, party wall agreements;
244
7.2.2. Minutes of most recent annual owners’ meeting;
245
7.2.3. Minutes of any directors’ or managers’ meetings during the six-month period immediately preceding the
246
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,
247
collectively, Governing Documents); and
248
7.2.4. The most recent financial documents which consist of: (1) annual and most recent balance sheet, (2) annual
249
and most recent income and expenditures statement, (3) annual budget, (4) reserve study, and (5) notice of unpaid assessments, if
250
any (collectively, Financial Documents).
251
7.3. Association Documents to Buyer.
252
7.3.1. Seller to Provide Association Documents. Seller is obligated to provide to Buyer the Association
253
Documents, at Seller’s expense, on or before Association Documents Deadline. Seller authorizes the Association to provide the
254
Association Documents to Buyer, at Seller’s expense. Seller’s obligation to provide the Association Documents is fulfilled upon
255
Buyer’s receipt of the Association Documents, regardless of who provides such documents.
256
7.4. Conditional on Buyer’s Review. Buyer has the right to review the Association Documents. Buyer has the Right to
257
Terminate under § 25.1, on or before Association Documents Objection Deadline, based on any unsatisfactory provision in any
258
of the Association Documents, in Buyer’s sole subjective discretion. Should Buyer receive the Association Documents after
259
Association Documents Deadline, Buyer, at Buyer’s option, has the Right to Terminate under § 25.1 by Buyer’s Notice to
260
Terminate received by Seller on or before ten days after Buyer’s receipt of the Association Documents. If Buyer does not receive
261
the Association Documents, or if Buyer’s Notice to Terminate would otherwise be required to be received by Seller after Closing
262
Date, Buyer’s Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer’s Notice to
263
Terminate within such time, Buyer accepts the provisions of the Association Documents as satisfactory, and Buyer waives any
264
Right to Terminate under this provision, notwithstanding the provisions of § 8.6 (Right of First Refusal or Contract Approval).
265
8. TITLE INSURANCE, RECORD TITLE AND OFF-RECORD TITLE.
266
8.1. Evidence of Record Title.
267
8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will select the title insurance
268
company to furnish the owner’s title insurance policy at Seller’s expense. On or before Record Title Deadline, Seller must furnish
269
to Buyer, a current commitment for an owner’s title insurance policy (Title Commitment), in an amount equal to the Purchase
270
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
271
issued and delivered to Buyer as soon as practicable at or after Closing.
272
8.1.2. Buyer Selects Title Insurance Company. If this box is checked, Buyer will select the title insurance
273
company to furnish the owner’s title insurance policy at Buyer’s expense. On or before Record Title Deadline, Buyer must
274
CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 7 of 17
furnish to Seller, a current commitment for owner’s title insurance policy (Title Commitment), in an amount equal to the Purchase
275
Price.
276
If neither box in § 8.1.1 or § 8.1.2 is checked, § 8.1.1 applies.
277
8.1.3. Owner's Extended Coverage (OEC). The Title Commitment Will Will Not contain Owner’s
278
Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or insure over the standard
279
exceptions which relate to: (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) unrecorded mechanics’
280
liens, (5) gap period (period between the effective date and time of commitment to the date and time the deed is recorded), and (6)
281
unpaid taxes, assessments and unredeemed tax sales prior to the year of Closing. Any additional premium expense to obtain OEC
282
will be paid by Buyer Seller One-Half by Buyer and One-Half by Seller Other__________________________.
283
Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or delete or insure over
284
any or all of the standard exceptions for OEC. The Title Insurance Company may require a New Survey or New ILC, defined
285
below, among other requirements for OEC. If the Title Insurance Commitment is not satisfactory to Buyer, Buyer has a right to
286
object under § 8.4 (Right to Object to Title, Resolution).
287
8.1.4. Title Documents. Title Documents consist of the following: (1) copies of any plats, declarations,
288
covenants, conditions and restrictions burdening the Property, and (2) copies of any other documents (or, if illegible, summaries of
289
such documents) listed in the schedule of exceptions (Exceptions) in the Title Commitment furnished to Buyer (collectively, Title
290
Documents).
291
8.1.5. Copies of Title Documents. Buyer must receive, on or before Record Title Deadline, copies of all Title
292
Documents. This requirement pertains only to documents as shown of record in the office of the clerk and recorder in the county
293
where the Property is located. The cost of furnishing copies of the documents required in this Section will be at the expense of the
294
party or parties obligated to pay for the owner’s title insurance policy.
295
8.1.6. Existing Abstracts of Title. Seller must deliver to Buyer copies of any abstracts of title covering all or any
296
portion of the Property (Abstract of Title) in Seller’s possession on or before Record Title Deadline.
297
8.2. Record Title. Buyer has the right to review and object to the Abstract of Title or Title Commitment and any of the
298
Title Documents as set forth in § 8.4 (Right to Object to Title, Resolution) on or before Record Title Objection Deadline.
299
Buyer’s objection may be based on any unsatisfactory form or content of Title Commitment or Abstract of Title, notwithstanding
300
§ 13, or any other unsatisfactory title condition, in Buyer’s sole subjective discretion. If the Abstract of Title, Title Commitment or
301
Title Documents are not received by Buyer on or before the Record Title Deadline, or if there is an endorsement to the Title
302
Commitment that adds a new Exception to title, a copy of the new Exception to title and the modified Title Commitment will be
303
delivered to Buyer. Buyer has until the earlier of Closing or ten days after receipt of such documents by Buyer to review and object
304
to: (1) any required Title Document not timely received by Buyer, (2) any change to the Abstract of Title, Title Commitment or
305
Title Documents, or (3) any endorsement to the Title Commitment. If Seller receives Buyer’s Notice to Terminate or Notice of
306
Title Objection, pursuant to this § 8.2 (Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.4
307
(Right to Object to Title, Resolution). If Seller has fulfilled all Seller's obligations, if any, to deliver to Buyer all documents
308
required by § 8.1 (Evidence of Record Title) and Seller does not receive Buyer’s Notice to Terminate or Notice of Title Objection
309
by the applicable deadline specified above, Buyer accepts the condition of title as disclosed by the Abstract of Title, Title
310
Commitment and Title Documents as satisfactory.
311
8.3. Off-Record Title. Seller must deliver to Buyer, on or before Off-Record Title Deadline, true copies of all existing
312
surveys in Seller’s possession pertaining to the Property and must disclose to Buyer all easements, liens (including, without
313
limitation, governmental improvements approved, but not yet installed) or other title matters (including, without limitation, rights
314
of first refusal and options) not shown by public records, of which Seller has actual knowledge (Off-Record Matters). Buyer has
315
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.,
316
unrecorded easement, boundary line discrepancy or water rights). Buyer’s Notice to Terminate or Notice of Title Objection of any
317
unsatisfactory condition (whether disclosed by Seller or revealed by such inspection, notwithstanding § 8.2 and § 13), in Buyer’s
318
sole subjective discretion, must be received by Seller on or before Off-Record Title Objection Deadline. If an Off-Record Matter
319
is received by Buyer after the Off-Record Title Deadline, Buyer has until the earlier of Closing or ten days after receipt by Buyer
320
to review and object to such Off-Record Matter. If Seller receives Buyer’s Notice to Terminate or Notice of Title Objection
321
pursuant to this § 8.3 (Off-Record Title), any title objection by Buyer and this Contract are governed by the provisions set forth in
322
§ 8.4 (Right to Object to Title, Resolution). If Seller does not receive Buyer’s Notice to Terminate or Notice of Title Objection by
323
the applicable deadline specified above, Buyer accepts title subject to such rights, if any, of third parties of which Buyer has actual
324
knowledge.
325
8.4. Right to Object to Title, Resolution. Buyer’s right to object to any title matters includes, but is not limited to those
326
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
327
Buyer objects to any title matter, on or before the applicable deadline, Buyer has the following options:
328
8.4.1. Title Objection, Resolution. If Seller receives Buyer’s written notice objecting to any title matter (Notice
329
of Title Objection) on or before the applicable deadline, and if Buyer and Seller have not agreed to a written settlement thereof on
330
or before Title Resolution Deadline, this Contract will terminate on the expiration of Title Resolution Deadline, unless Seller
331
receives Buyer’s written withdrawal of Buyer’s Notice of Title Objection (i.e., Buyer’s written notice to waive objection to such
332
CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 8 of 17
items and waives the Right to Terminate for that reason), on or before expiration of Title Resolution Deadline. If either the
333
Record Title Deadline or the Off-Record Title Deadline, or both, are extended to the earlier of Closing or ten days after receipt of
334
the applicable documents by Buyer, pursuant to § 8.2 (Record Title) or § 8.3 (Off-Record Title), the Title Resolution Deadline also
335
will be automatically extended to the earlier of Closing or fifteen days after Buyer's receipt of the applicable documents; or
336
8.4.2. Title Objection, Right to Terminate. Buyer may exercise the Right to Terminate under § 25.1, on or
337
before the applicable deadline, based on any unsatisfactory title matter, in Buyer’s sole subjective discretion.
338
8.5. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION
339
INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE
340
PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT RISK
341
FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF SUCH DEBT WHERE
342
CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH
343
INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE THE
344
SPECIAL TAXING DISTRICTS IN WHICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY
345
TREASURER, BY REVIEWING THE CERTIFICATE OF TAXES DUE FOR THE PROPERTY, AND BY OBTAINING
346
FURTHER INFORMATION FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY CLERK AND
347
RECORDER, OR THE COUNTY ASSESSOR.
348
Buyer has the Right to Terminate under § 25.1, on or before Off-Record Title Objection Deadline, based on any
349
unsatisfactory effect of the Property being located within a special taxing district, in Buyer’s sole subjective discretion.
350
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
351
this Contract, Seller must promptly submit this Contract according to the terms and conditions of such right. If the holder of the
352
right of first refusal exercises such right or the holder of a right to approve disapproves this Contract, this Contract will terminate.
353
If the right of first refusal is waived explicitly or expires, or the Contract is approved, this Contract will remain in full force and
354
effect. Seller must promptly notify Buyer in writing of the foregoing. If expiration or waiver of the right of first refusal or approval
355
of this Contract has not occurred on or before Right of First Refusal Deadline, this Contract will then terminate.
356
8.7. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should be reviewed
357
carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property,
358
including, without limitation, boundary lines and encroachments, set-back requirements, area, zoning, building code violations,
359
unrecorded easements and claims of easements, leases and other unrecorded agreements, water on or under the Property, and
360
various laws and governmental regulations concerning land use, development and environmental matters.
361
8.7.1. OIL, GAS, WATER AND MINERAL DISCLOSURE. THE SURFACE ESTATE OF THE
362
PROPERTY MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE, AND TRANSFER
363
OF THE SURFACE ESTATE MAY NOT NECESSARILY INCLUDE TRANSFER OF THE MINERAL ESTATE OR
364
WATER RIGHTS. THIRD PARTIES MAY OWN OR LEASE INTERESTS IN OIL, GAS, OTHER MINERALS,
365
GEOTHERMAL ENERGY OR WATER ON OR UNDER THE SURFACE OF THE PROPERTY, WHICH INTERESTS
366
MAY GIVE THEM RIGHTS TO ENTER AND USE THE SURFACE OF THE PROPERTY TO ACCESS THE
367
MINERAL ESTATE, OIL, GAS OR WATER.
368
8.7.2. SURFACE USE AGREEMENT. THE USE OF THE SURFACE ESTATE OF THE PROPERTY TO
369
ACCESS THE OIL, GAS OR MINERALS MAY BE GOVERNED BY A SURFACE USE AGREEMENT, A
370
MEMORANDUM OR OTHER NOTICE OF WHICH MAY BE RECORDED WITH THE COUNTY CLERK AND
371
RECORDER.
372
8.7.3. OIL AND GAS ACTIVITY. OIL AND GAS ACTIVITY THAT MAY OCCUR ON OR ADJACENT
373
TO THE PROPERTY MAY INCLUDE, BUT IS NOT LIMITED TO, SURVEYING, DRILLING, WELL COMPLETION
374
OPERATIONS, STORAGE, OIL AND GAS, OR PRODUCTION FACILITIES, PRODUCING WELLS, REWORKING
375
OF CURRENT WELLS, AND GAS GATHERING AND PROCESSING FACILITIES.
376
8.7.4. ADDITIONAL INFORMATION. BUYER IS ENCOURAGED TO SEEK ADDITIONAL
377
INFORMATION REGARDING OIL AND GAS ACTIVITY ON OR ADJACENT TO THE PROPERTY, INCLUDING
378
DRILLING PERMIT APPLICATIONS. THIS INFORMATION MAY BE AVAILABLE FROM THE COLORADO OIL
379
AND GAS CONSERVATION COMMISSION.
380
8.7.5. Title Insurance Exclusions. Matters set forth in this Section, and others, may be excepted, excluded from,
381
or not covered by the owner’s title insurance policy.
382
8.8. Consult an Attorney. Buyer is advised to timely consult legal counsel with respect to all such matters as there are
383
strict time limits provided in this Contract (e.g., Record Title Objection Deadline and Off-Record Title Objection Deadline).
384
9. NEW ILC, NEW SURVEY.
385
9.1. New ILC or New Survey. If the box is checked, a New Improvement Location Certificate (New ILC)
386
New Survey in the form of ___________________________________________ is required and the following will apply:
387
9.1.1. Ordering of New ILC or New Survey. Seller Buyer will order the New ILC or New Survey. The
388
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
389
date after the date of this Contract.
390
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9.1.2. Payment for New ILC or New Survey. The cost of the New ILC or New Survey will be paid, on or
391
before Closing, by: Seller Buyer or:
392
393
394
395
9.1.3. Delivery of New ILC or New Survey. Buyer, Seller, the issuer of the Title Commitment (or the provider
396
of the opinion of title if an Abstract of Title), and _____________________ will receive a New ILC or New Survey on or before
397
New ILC or New Survey Deadline.
398
9.1.4. Certification of New ILC or New Survey. The New ILC or New Survey will be certified by the surveyor
399
to all those who are to receive the New ILC or New Survey.
400
9.2. Buyer’s Right to Waive or Change New ILC or New Survey Selection. Buyer may select a New ILC or New
401
Survey different than initially specified in this Contract if there is no additional cost to Seller or change to the New ILC or New
402
Survey Objection Deadline. Buyer may, in Buyer’s sole subjective discretion, waive a New ILC or New Survey if done prior to
403
Seller incurring any cost for the same.
404
9.3. New ILC or New Survey Objection. Buyer has the right to review and object to the New ILC or New Survey. If
405
the New ILC or New Survey is not timely received by Buyer or is unsatisfactory to Buyer, in Buyer’s sole subjective discretion,
406
Buyer may, on or before New ILC or New Survey Objection Deadline, notwithstanding § 8.3 or § 13:
407
9.3.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or
408
9.3.2. New ILC or New Survey Objection. Deliver to Seller a written description of any matter that was to be
409
shown or is shown in the New ILC or New Survey that is unsatisfactory and that Buyer requires Seller to correct.
410
9.3.3. New ILC or New Survey Resolution. If a New ILC or New Survey Objection is received by Seller, on
411
or before New ILC or New Survey Objection Deadline, and if Buyer and Seller have not agreed in writing to a settlement
412
thereof on or before New ILC or New Survey Resolution Deadline, this Contract will terminate on expiration of the New ILC
413
or New Survey Resolution Deadline, unless Seller receives Buyer’s written withdrawal of the New ILC or New Survey
414
Objection before such termination, i.e., on or before expiration of New ILC or New Survey Resolution Deadline.
415
DISCLOSURE, INSPECTION AND DUE DILIGENCE
416
10. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, DUE DILIGENCE AND SOURCE
417
OF WATER.
418
10.1. Seller’s Property Disclosure. On or before Seller’s Property Disclosure Deadline, Seller agrees to deliver to
419
Buyer the most current version of the applicable Colorado Real Estate Commission’s Seller’s Property Disclosure form completed
420
by Seller to Seller’s actual knowledge, current as of the date of this Contract.
421
10.2. Disclosure of Latent Defects; Present Condition. Seller must disclose to Buyer any latent defects actually known
422
by Seller. Seller agrees that disclosure of latent defects will be in writing. Except as otherwise provided in this Contract, Buyer
423
acknowledges that Seller is conveying the Property to Buyer in an “As Is” condition, “Where Is” and “With All Faults.”
424
10.3. Inspection. Unless otherwise provided in this Contract, Buyer, acting in good faith, has the right to have inspections
425
(by one or more third parties, personally or both) of the Property and Inclusions (Inspection), at Buyer’s expense. If (1) the
426
physical condition of the Property, including, but not limited to, the roof, walls, structural integrity of the Property, the electrical,
427
plumbing, HVAC and other mechanical systems of the Property, (2) the physical condition of the Inclusions, (3) service to the
428
Property (including utilities and communication services), systems and components of the Property (e.g., heating and plumbing),
429
(4) any proposed or existing transportation project, road, street or highway, or (5) any other activity, odor or noise (whether on or
430
off the Property) and its effect or expected effect on the Property or its occupants is unsatisfactory, in Buyer’s sole subjective
431
discretion, Buyer may, on or before Inspection Objection Deadline:
432
10.3.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or
433
10.3.2. Inspection Objection. Deliver to Seller a written description of any unsatisfactory physical condition that
434
Buyer requires Seller to correct.
435
10.3.3. Inspection Resolution. If an Inspection Objection is received by Seller, on or before Inspection Objection
436
Deadline, and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Inspection Resolution Deadline,
437
this Contract will terminate on Inspection Resolution Deadline unless Seller receives Buyer’s written withdrawal of the
438
Inspection Objection before such termination, i.e., on or before expiration of Inspection Resolution Deadline.
439
10.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided in this Contract or other written agreement
440
between the parties, is responsible for payment for all inspections, tests, surveys, engineering reports, or other reports performed at
441
Buyer’s request (Work) and must pay for any damage that occurs to the Property and Inclusions as a result of such Work. Buyer
442
must not permit claims or liens of any kind against the Property for Work performed on the Property. Buyer agrees to indemnify,
443
protect and hold Seller harmless from and against any liability, damage, cost or expense incurred by Seller and caused by any such
444
Work, claim, or lien. This indemnity includes Seller’s right to recover all costs and expenses incurred by Seller to defend against
445
any such liability, damage, cost or expense, or to enforce this section, including Seller’s reasonable attorney fees, legal fees and
446
CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 10 of 17
expenses. The provisions of this section survive the termination of this Contract. This § 10.4 does not apply to items performed
447
pursuant to an Inspection Resolution.
448
10.5. Insurability. Buyer has the right to review and object to the availability, terms and conditions of and premium for
449
property insurance (Property Insurance). Buyer has the Right to Terminate under § 25.1, on or before Property Insurance
450
Objection Deadline, based on any unsatisfactory provision of the Property Insurance, in Buyer’s sole subjective discretion.
451
10.6. Due Diligence.
452
10.6.1. Due Diligence Documents. If the respective box is checked, Seller agrees to deliver copies of the following
453
documents and information pertaining to the Property (Due Diligence Documents) to Buyer on or before Due Diligence
454
Documents Delivery Deadline:
455
10.6.1.1. All contracts relating to the operation, maintenance and management of the Property;
456
10.6.1.2. Property tax bills for the last ______ years;
457
10.6.1.3. As-built construction plans to the Property and the tenant improvements, including
458
architectural, electrical, mechanical, and structural systems, engineering reports, and permanent Certificates of Occupancy, to the
459
extent now available;
460
10.6.1.4. A list of all Inclusions to be conveyed to Buyer;
461
10.6.1.5. Operating statements for the past ______ years;
462
10.6.1.6. A rent roll accurate and correct to the date of this Contract;
463
10.6.1.7. All current leases, including any amendments or other occupancy agreements, pertaining to the
464
Property. Those leases or other occupancy agreements pertaining to the Property that survive Closing are as follows (Leases):
465
466
467
10.6.1.8. A schedule of any tenant improvement work Seller is obligated to complete but has not yet
468
been completed and capital improvement work either scheduled or in process on the date of this Contract;
469
10.6.1.9. All insurance policies pertaining to the Property and copies of any claims which have been
470
made for the past ______ years;
471
10.6.1.10. Soils reports, surveys and engineering reports or data pertaining to the Property (if not
472
delivered earlier under § 8.3);
473
10.6.1.11. Any and all existing documentation and reports regarding Phase I and II environmental reports,
474
letters, test results, advisories, and similar documents respective to the existence or nonexistence of asbestos, PCB transformers, or
475
other toxic, hazardous or contaminated substances, and/or underground storage tanks and/or radon gas. If no reports are in Seller’s
476
possession or known to Seller, Seller warrants that no such reports are in Seller’s possession or known to Seller;
477
10.6.1.12. Any Americans with Disabilities Act reports, studies or surveys concerning the compliance of
478
the Property with said Act;
479
10.6.1.13. All permits, licenses and other building or use authorizations issued by any governmental
480
authority with jurisdiction over the Property and written notice of any violation of any such permits, licenses or use authorizations,
481
if any; and
482
10.6.1.14. Other documents and information:
483
484
485
486
487
10.6.2. Due Diligence Documents Review and Objection. Buyer has the right to review and object to Due
488
Diligence Documents. If the Due Diligence Documents are not supplied to Buyer or are unsatisfactory in Buyer’s sole subjective
489
discretion, Buyer may, on or before Due Diligence Documents Objection Deadline:
490
10.6.2.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or
491
10.6.2.2. Due Diligence Documents Objection. Deliver to Seller a written description of any
492
unsatisfactory Due Diligence Documents that Buyer requires Seller to correct.
493
10.6.2.3. Due Diligence Documents Resolution. If a Due Diligence Documents Objection is received
494
by Seller, on or before Due Diligence Documents Objection Deadline, and if Buyer and Seller have not agreed in writing to a
495
settlement thereof on or before Due Diligence Documents Resolution Deadline, this Contract will terminate on Due Diligence
496
Documents Resolution Deadline unless Seller receives Buyer’s written withdrawal of the Due Diligence Documents Objection
497
before such termination, i.e., on or before expiration of Due Diligence Documents Resolution Deadline.
498
10.6.3. Zoning. Buyer has the Right to Terminate under § 25.1, on or before Due Diligence Documents Objection
499
Deadline, based on any unsatisfactory zoning and any use restrictions imposed by any governmental agency with jurisdiction over
500
the Property, in Buyer’s sole subjective discretion.
501
10.6.4. Due Diligence – Environmental, ADA. Buyer has the right to obtain environmental inspections of the
502
Property including Phase I and Phase II Environmental Site Assessments, as applicable. Seller Buyer will order or provide
503
Phase I Environmental Site Assessment, Phase II Environmental Site Assessment (compliant with most current version of the
504
applicable ASTM E1527standard practices for Environmental Site Assessments) and/or ____________________, at the expense
505
CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 11 of 17
of Seller Buyer (Environmental Inspection). In addition, Buyer, at Buyer’s expense, may also conduct an evaluation
506
whether the Property complies with the Americans with Disabilities Act (ADA Evaluation). All such inspections and evaluations
507
must be conducted at such times as are mutually agreeable to minimize the interruption of Seller’s and any Seller’s tenants’
508
business uses of the Property, if any.
509
If Buyer’s Phase I Environmental Site Assessment recommends a Phase II Environmental Site Assessment, the
510
Environmental Inspection Objection Deadline will be extended by days (Extended Environmental Inspection Objection
511
Deadline) and if such Extended Environmental Inspection Objection Deadline extends beyond the Closing Date, the Closing Date
512
will be extended a like period of time. In such event, Seller Buyer must pay the cost for such Phase II Environmental Site
513
Assessment.
514
Notwithstanding Buyer's right to obtain additional environmental inspections of the Property in this § 10.6.5, Buyer has the
515
Right to Terminate under § 25.1, on or before Environmental Inspection Objection Deadline, or if applicable, the Extended
516
Environmental Inspection Objection Deadline, based on any unsatisfactory results of Environmental Inspection, in Buyer’s sole
517
subjective discretion.
518
Buyer has the Right to Terminate under § 25.1, on or before ADA Evaluation Objection Deadline, based on any
519
unsatisfactory ADA Evaluation, in Buyer’s sole subjective discretion.
520
10.7. Conditional Upon Sale of Property. This Contract is conditional upon the sale and closing of that certain property
521
owned by Buyer and commonly known as ___________________________________________. Buyer has the Right to Terminate
522
under § 25.1 effective upon Seller's receipt of Buyer’s Notice to Terminate on or before Conditional Sale Deadline if such
523
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
524
Notice to Terminate on or before Conditional Sale Deadline, Buyer waives any Right to Terminate under this provision.
525
10.8. Source of Potable Water (Residential Land and Residential Improvements Only). Buyer Does Does Not
526
acknowledge receipt of a copy of Seller’s Property Disclosure or Source of Water Addendum disclosing the source of potable water
527
for the Property. There is No Well. Buyer Does Does Not acknowledge receipt of a copy of the current well permit.
528
Note to Buyer: SOME WATER PROVIDERS RELY, TO VARYING DEGREES, ON NONRENEWABLE GROUND
529
WATER. YOU MAY WISH TO CONTACT YOUR PROVIDER (OR INVESTIGATE THE DESCRIBED SOURCE) TO
530
DETERMINE THE LONG-TERM SUFFICIENCY OF THE PROVIDER’S WATER SUPPLIES.
531
10.9. Existing Leases; Modification of Existing Leases; New Leases. Seller states that none of the Leases to be assigned
532
to the Buyer at the time of Closing contain any rent concessions, rent reductions or rent abatements except as disclosed in the
533
Lease or other writing received by Buyer. Seller will not amend, alter, modify, extend or cancel any of the Leases nor will Seller
534
enter into any new leases affecting the Property without the prior written consent of Buyer, which consent will not be unreasonably
535
withheld or delayed.
536
11. TENANT ESTOPPEL STATEMENTS.
537
11.1. Tenant Estoppel Statements Conditions. Buyer has the right to review and object to any Estoppel Statements.
538
Seller must obtain and deliver to Buyer on or before Tenant Estoppel Statements Deadline, statements in a form and substance
539
reasonably acceptable to Buyer, from each occupant or tenant at the Property (Estoppel Statement) attached to a copy of the Lease
540
stating:
541
11.1.1. The commencement date of the Lease and scheduled termination date of the Lease;
542
11.1.2. That said Lease is in full force and effect and that there have been no subsequent modifications or
543
amendments;
544
11.1.3. The amount of any advance rentals paid, rent concessions given, and deposits paid to Seller;
545
11.1.4. The amount of monthly (or other applicable period) rental paid to Seller;
546
11.1.5. That there is no default under the terms of said Lease by landlord or occupant; and
547
11.1.6. That the Lease to which the Estoppel is attached is a true, correct and complete copy of the Lease demising
548
the premises it describes.
549
11.2. Tenant Estoppel Statements Objection. Buyer has the Right to Terminate under § 25.1, on or before Tenant
550
Estoppel Statements Objection Deadline, based on any unsatisfactory Estoppel Statement, in Buyer’s sole subjective discretion,
551
or if Seller fails to deliver the Estoppel Statements on or before Tenant Estoppel Statements Deadline. Buyer also has the
552
unilateral right to waive any unsatisfactory Estoppel Statement.
553
554
CLOSING PROVISIONS
555
12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING.
556
12.1. Closing Documents and Closing Information. Seller and Buyer will cooperate with the Closing Company to
557
enable the Closing Company to prepare and deliver documents required for Closing to Buyer and Seller and their designees. If
558
Buyer is obtaining a new loan to purchase the Property, Buyer acknowledges Buyer’s lender is required to provide the Closing
559
Company, in a timely manner, all required loan documents and financial information concerning Buyer’s new loan. Buyer and
560
CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 12 of 17
Seller will furnish any additional information and documents required by Closing Company that will be necessary to complete this
561
transaction. Buyer and Seller will sign and complete all customary or reasonably required documents at or before Closing.
562
12.2. Closing Instructions. Colorado Real Estate Commission’s Closing Instructions Are Are Not executed with
563
this Contract.
564
12.3. Closing. Delivery of deed from Seller to Buyer will be at closing (Closing). Closing will be on the date specified as
565
the Closing Date or by mutual agreement at an earlier date. The hour and place of Closing will be as designated by
566
________________________________________.
567
12.4. Disclosure of Settlement Costs. Buyer and Seller acknowledge that costs, quality, and extent of service vary
568
between different settlement service providers (e.g., attorneys, lenders, inspectors and title companies).
569
13. TRANSFER OF TITLE. Subject to tender of payment at Closing as required herein and compliance by Buyer with the
570
other terms and provisions hereof, Seller must execute and deliver a good and sufficient ______________________________ deed
571
to Buyer, at Closing, conveying the Property free and clear of all taxes except the general taxes for the year of Closing. Except as
572
provided herein, title will be conveyed free and clear of all liens, including any governmental liens for special improvements
573
installed as of the date of Buyer’s signature hereon, whether assessed or not. Title will be conveyed subject to:
574
13.1. Those specific Exceptions described by reference to recorded documents as reflected in the Title Documents
575
accepted by Buyer in accordance with Record Title,
576
13.2. Distribution utility easements (including cable TV),
577
13.3. Those specifically described rights of third parties not shown by the public records of which Buyer has actual
578
knowledge and which were accepted by Buyer in accordance with Off-Record Title and New ILC or New Survey,
579
13.4. Inclusion of the Property within any special taxing district, and
580
13.5. Any special assessment if the improvements were not installed as of the date of Buyer’s signature hereon, whether
581
assessed prior to or after Closing, and
582
13.6. Other _______________________________________.
583
14. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid will be paid at or before Closing from the
584
proceeds of this transaction or from any other source.
585
15. CLOSING COSTS, CLOSING FEE, ASSOCIATION FEES AND TAXES.
586
15.1. Closing Costs. Buyer and Seller must pay, in Good Funds, their respective closing costs and all other items required
587
to be paid at Closing, except as otherwise provided herein.
588
15.2. Closing Services Fee. The fee for real estate closing services must be paid at Closing by Buyer Seller
589
One-Half by Buyer and One-Half by Seller Other _______________________________________.
590
15.3. Status Letter and Record Change Fees. Any fees incident to the issuance of Association’s statement of
591
assessments (Status Letter) must be paid by None Buyer Seller One-Half by Buyer and One-Half by Seller.
592
Any record change fee assessed by the Association including, but not limited to, ownership record transfer fees regardless of name
593
or title of such fee (Association’s Record Change Fee) must be paid by None Buyer Seller One-Half by Buyer
594
and One-Half by Seller.
595
15.4. Local Transfer Tax. The Local Transfer Tax of ________% of the Purchase Price must be paid at Closing by
596
None Buyer Seller One-Half by Buyer and One-Half by Seller.
597
15.5. Private Transfer Fee. Private transfer fees and other fees due to a transfer of the Property, payable at Closing, such
598
as community association fees, developer fees and foundation fees, must be paid at Closing by None Buyer Seller
599
One-Half by Buyer and One-Half by Seller. The Private Transfer fee, whether one or more, is for the following association(s):
600
in the total amount of % of the Purchase Price or $_________________.
601
15.6. Water Transfer Fees. The Water Transfer Fees can change. The fees, as of the date of this Contract, do not exceed
602
$____________ for:
603
Water Stock/Certificates Water District
604
Augmentation Membership Small Domestic Water Company __________
605
and must be paid at Closing by None Buyer Seller One-Half by Buyer and One-Half by Seller
606
15.7. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction must be paid when due by
607
None Buyer Seller One-Half by Buyer and One-Half by Seller.
608
16. PRORATIONS. The following will be prorated to the Closing Date, except as otherwise provided:
609
16.1. Taxes. Personal property taxes, if any, special taxing district assessments, if any, and general real estate taxes for the
610
year of Closing, based on Taxes for the Calendar Year Immediately Preceding Closing Most Recent Mill Levy and
611
Most Recent Assessed Valuation, Other .
612
16.2. Rents. Rents based on Rents Actually Received Accrued. At Closing, Seller will transfer or credit to
613
Buyer the security deposits for all Leases assigned, or any remainder after lawful deductions, and notify all tenants in writing of
614
CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 13 of 17
such transfer and of the transferee’s name and address. Seller must assign to Buyer all Leases in effect at Closing and Buyer must
615
assume Seller’s obligations under such Leases.
616
16.3. Association Assessments. Current regular Association assessments and dues (Association Assessments) paid in
617
advance will be credited to Seller at Closing. Cash reserves held out of the regular Association Assessments for deferred
618
maintenance by the Association will not be credited to Seller except as may be otherwise provided by the Governing Documents.
619
Buyer acknowledges that Buyer may be obligated to pay the Association, at Closing, an amount for reserves or working capital.
620
Any special assessment assessed prior to Closing Date by the Association will be the obligation of Buyer Seller. Except
621
however, any special assessment by the Association for improvements that have been installed as of the date of Buyer’s signature
622
hereon, whether assessed prior to or after Closing, will be the obligation of Seller. Seller represents that the Association
623
Assessments are currently payable at approximately $______________ per ______________ and that there are no unpaid regular
624
or special assessments against the Property except the current regular assessments and ______________________________. Such
625
assessments are subject to change as provided in the Governing Documents. Seller agrees to promptly request the Association to
626
deliver to Buyer before Closing Date a current Status Letter.
627
16.4. Other Prorations. Water and sewer charges, propane, interest on continuing loan, and _______________________.
628
16.5. Final Settlement. Unless otherwise agreed in writing, these prorations are final.
629
17. POSSESSION. Possession of the Property will be delivered to Buyer on Possession Date at Possession Time, subject to
630
the Leases as set forth in § 10.6.1.7.
631
632
If Seller, after Closing, fails to deliver possession as specified, Seller will be subject to eviction and will be additionally liable
633
to Buyer for payment of $______________ per day (or any part of a day notwithstanding § 18.1) from Possession Date and
634
Possession Time until possession is delivered.
635
GENERAL PROVISIONS
636
18. DAY; COMPUTATION OF PERIOD OF DAYS, DEADLINE.
637
18.1. Day. As used in this Contract, the term “day” means the entire day ending at 11:59 p.m., United States Mountain
638
Time (Standard or Daylight Savings as applicable).
639
18.2. Computation of Period of Days, Deadline. In computing a period of days, when the ending date is not specified,
640
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
641
federal or Colorado state holiday (Holiday), such deadline Will Will Not be extended to the next day that is not a
642
Saturday, Sunday or Holiday. Should neither box be checked, the deadline will not be extended.
643
19. CAUSES OF LOSS, INSURANCE; DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION; AND
644
WALK-THROUGH. Except as otherwise provided in this Contract, the Property, Inclusions or both will be delivered in the
645
condition existing as of the date of this Contract, ordinary wear and tear excepted.
646
19.1. Causes of Loss, Insurance. In the event the Property or Inclusions are damaged by fire, other perils or causes of
647
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
648
the damage will be paid by insurance (other than the deductible to be paid by Seller), then Seller, upon receipt of the insurance
649
proceeds, will use Seller’s reasonable efforts to repair the Property before Closing Date. Buyer has the Right to Terminate under
650
§ 25.1, on or before Closing Date if the Property is not repaired before Closing Date or if the damage exceeds such sum. Should
651
Buyer elect to carry out this Contract despite such Property Damage, Buyer is entitled to a credit at Closing for all insurance
652
proceeds that were received by Seller (but not the Association, if any) resulting from damage to the Property and Inclusions, plus
653
the amount of any deductible provided for in the insurance policy. This credit may not exceed the Purchase Price. In the event
654
Seller has not received the insurance proceeds prior to Closing, the parties may agree to extend the Closing Date to have the
655
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
656
acceptable to Seller’s insurance company and Buyer’s lender; or (2) the parties may enter into a written agreement prepared by the
657
parties or their attorney requiring the Seller to escrow at Closing from Seller’s sale proceeds the amount Seller has received and
658
will receive due to such damage, not exceeding the total Purchase Price, plus the amount of any deductible that applies to the
659
insurance claim.
660
19.2. Damage, Inclusions and Services. Should any Inclusion or service (including utilities and communication
661
services), system, component or fixture of the Property (collectively Service) (e.g., heating or plumbing), fail or be damaged
662
between the date of this Contract and Closing or possession, whichever is earlier, then Seller is liable for the repair or replacement
663
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
664
maintenance or replacement of such Inclusion or Service is not the responsibility of the Association, if any, less any insurance
665
proceeds received by Buyer covering such repair or replacement. If the failed or damaged Inclusion or Service is not repaired or
666
replaced on or before Closing or possession, whichever is earlier, Buyer has the Right to Terminate under § 25.1, on or before
667
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
668
Service. Such credit must not exceed the Purchase Price. If Buyer receives such a credit, Seller's right for any claim against the
669
CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 14 of 17
Association, if any, will survive Closing. Seller and Buyer are aware of the existence of pre-owned home warranty programs that
670
may be purchased and may cover the repair or replacement of such Inclusions.
671
19.3. Condemnation. In the event Seller receives actual notice prior to Closing that a pending condemnation action may
672
result in a taking of all or part of the Property or Inclusions, Seller must promptly notify Buyer, in writing, of such condemnation
673
action. Buyer has the Right to Terminate under § 25.1, on or before Closing Date, based on such condemnation action, in Buyer’s
674
sole subjective discretion. Should Buyer elect to consummate this Contract despite such diminution of value to the Property and
675
Inclusions, Buyer is entitled to a credit at Closing for all condemnation proceeds awarded to Seller for the diminution in the value
676
of the Property or Inclusions but such credit will not include relocation benefits or expenses, or exceed the Purchase Price.
677
19.4. Walk-Through and Verification of Condition. Buyer, upon reasonable notice, has the right to walk through the
678
Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with this Contract.
679
19.5. Risk of Loss – Growing Crops. The risk of loss for damage to growing crops by fire or other casualty will be borne
680
by the party entitled to the growing crops as provided in § 2.8 and such party is entitled to such insurance proceeds or benefits for
681
the growing crops.
682
20. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller acknowledge
683
that the respective broker has advised that this Contract has important legal consequences and has recommended the examination
684
of title and consultation with legal and tax or other counsel before signing this Contract.
685
21. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence for all dates and deadlines in this Contract.
686
This means that all dates and deadlines are strict and absolute. If any payment due, including Earnest Money, is not paid, honored
687
or tendered when due, or if any obligation is not performed timely as provided in this Contract or waived, the non-defaulting
688
party has the following remedies:
689
21.1. If Buyer is in Default:
690
21.1.1. Specific Performance. Seller may elect to cancel this Contract and all Earnest Money (whether or not paid
691
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
692
the amount is fair and reasonable. Seller may recover such additional damages as may be proper. Alternatively, Seller may elect
693
to treat this Contract as being in full force and effect and Seller has the right to specific performance or damages, or both.
694
21.1.2. Liquidated Damages, Applicable. This § 21.1.2 applies unless the box in § 21.1.1. is checked. Seller
695
may cancel this Contract. All Earnest Money (whether or not paid by Buyer) will be paid to Seller, and retained by Seller. It is
696
agreed that the Earnest Money specified in § 4.1 is LIQUIDATED DAMAGES, and not a penalty, which amount the parties agree
697
is fair and reasonable and (except as provided in §§ 10.4, 22, 23 and 24), said payment of Earnest Money is SELLER’S ONLY
698
REMEDY for Buyer’s failure to perform the obligations of this Contract. Seller expressly waives the remedies of specific
699
performance and additional damages.
700
21.2. If Seller is in Default: Buyer may elect to treat this Contract as canceled, in which case all Earnest Money received
701
hereunder will be returned and Buyer may recover such damages as may be proper. Alternatively, Buyer may elect to treat this
702
Contract as being in full force and effect and Buyer has the right to specific performance or damages, or both.
703
22. LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of any arbitration
704
or litigation relating to this Contract, prior to or after Closing Date, the arbitrator or court must award to the prevailing party all
705
reasonable costs and expenses, including attorney fees, legal fees and expenses.
706
23. MEDIATION. If a dispute arises relating to this Contract, (whether prior to or after Closing) and is not resolved, the parties
707
must first proceed, in good faith, to mediation. Mediation is a process in which the parties meet with an impartial person who helps
708
to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. Before any mediated settlement is
709
binding, the parties to the dispute must agree to the settlement, in writing. The parties will jointly appoint an acceptable mediator
710
and will share equally in the cost of such mediation. The obligation to mediate, unless otherwise agreed, will terminate if the entire
711
dispute is not resolved within thirty days of the date written notice requesting mediation is delivered by one party to the other at
712
that party’s last known address (physical or electronic as provided in § 27). Nothing in this Section prohibits either party from
713
filing a lawsuit and recording a lis pendens affecting the Property, before or after the date of written notice requesting mediation.
714
This section will not alter any date in this Contract, unless otherwise agreed.
715
24. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder must release the Earnest
716
Money following receipt of written mutual instructions, signed by both Buyer and Seller. In the event of any controversy regarding
717
the Earnest Money, Earnest Money Holder is not required to release the Earnest Money. Earnest Money Holder, in its sole
718
subjective discretion, has several options: (1) wait for any proceeding between Buyer and Seller; (2) interplead all parties and
719
deposit Earnest Money into a court of competent jurisdiction, (Earnest Money Holder is entitled to recover court costs and
720
reasonable attorney and legal fees incurred with such action); or (3) provide notice to Buyer and Seller that unless Earnest Money
721
Holder receives a copy of the Summons and Complaint or Claim (between Buyer and Seller) containing the case number of the
722
lawsuit (Lawsuit) within one hundred twenty days of Earnest Money Holder’s notice to the parties, Earnest Money Holder is
723
CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 15 of 17
authorized to return the Earnest Money to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit, and has
724
not interpled the monies at the time of any Order, Earnest Money Holder must disburse the Earnest Money pursuant to the Order
725
of the Court. The parties reaffirm the obligation of Mediation. This Section will survive cancellation or termination of this
726
Contract.
727
25. TERMINATION.
728
25.1. Right to Terminate. If a party has a right to terminate, as provided in this Contract (Right to Terminate), the
729
termination is effective upon the other party’s receipt of a written notice to terminate (Notice to Terminate), provided such written
730
notice was received on or before the applicable deadline specified in this Contract. If the Notice to Terminate is not received on or
731
before the specified deadline, the party with the Right to Terminate accepts the specified matter, document or condition as
732
satisfactory and waives the Right to Terminate under such provision.
733
25.2. Effect of Termination. In the event this Contract is terminated, all Earnest Money received hereunder will be
734
returned and the parties are relieved of all obligations hereunder, subject to §§ 10.4, 22, 23 and 24.
735
26. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL; SUCCESSORS. This Contract, its exhibits and specified
736
addenda, constitute the entire agreement between the parties relating to the subject hereof, and any prior agreements pertaining
737
thereto, whether oral or written, have been merged and integrated into this Contract. No subsequent modification of any of the
738
terms of this Contract is valid, binding upon the parties, or enforceable unless made in writing and signed by the parties. Any right
739
or obligation in this Contract that, by its terms, exists or is intended to be performed after termination or Closing survives the
740
same. Any successor to a Party receives the predecessor’s benefits and obligations of this Contract.
741
27. NOTICE, DELIVERY, AND CHOICE OF LAW.
742
27.1. Physical Delivery and Notice. Any document, or notice to Buyer or Seller must be in writing, except as provided in
743
§ 27.2, and is effective when physically received by such party, any individual named in this Contract to receive documents or
744
notices for such party, the Broker, or Brokerage Firm of Broker working with such party (except any notice or delivery after
745
Closing must be received by the party, not Broker or Brokerage Firm).
746
27.2. Electronic Notice. As an alternative to physical delivery, any notice, may be delivered in electronic form to Buyer
747
or Seller, any individual named in this Contract to receive documents or notices for such party, the Broker or Brokerage Firm of
748
Broker working with such party (except any notice or delivery after Closing must be received by the party; not Broker or
749
Brokerage Firm) at the electronic address of the recipient by facsimile, email or ______________________________________.
750
27.3. Electronic Delivery. Electronic Delivery of documents and notice may be delivered by: (1) email at the email
751
address of the recipient, (2) a link or access to a website or server provided the recipient receives the information necessary to
752
access the documents, or (3) facsimile at the Fax No. of the recipient.
753
27.4. Choice of Law. This Contract and all disputes arising hereunder are governed by and construed in accordance with
754
the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract in Colorado for real property
755
located in Colorado.
756
28. NOTICE OF ACCEPTANCE, COUNTERPARTS. This proposal will expire unless accepted in writing, by Buyer and
757
Seller, as evidenced by their signatures below, and the offering party receives notice of such acceptance pursuant to § 27 on or
758
before Acceptance Deadline Date and Acceptance Deadline Time. If accepted, this document will become a contract between
759
Seller and Buyer. A copy of this Contract may be executed by each party, separately, and when each party has executed a copy
760
thereof, such copies taken together are deemed to be a full and complete contract between the parties.
761
29. GOOD FAITH. Buyer and Seller acknowledge that each party has an obligation to act in good faith including, but not
762
limited to, exercising the rights and obligations set forth in the provisions of Financing Conditions and Obligations, Title
763
Insurance, Record Title and Off-Record Title, Current Survey Review and Property Disclosure, Inspection, Indemnity,
764
Insurability, Due Diligence, Buyer Disclosure and Source of Water.
765
ADDITIONAL PROVISIONS AND ATTACHMENTS
766
30. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real Estate
767
Commission.)
768
769
770
771
772
773
774
775
CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 16 of 17
776
31. ATTACHMENTS.
777
31.1. The following attachments are a part of this Contract:
778
779
780
781
782
783
31.2. The following disclosure forms are attached but are not a part of this Contract:
784
785
786
787
788
SIGNATURES
789
790
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. Refer to § 32]
791
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:
792
32. COUNTER; REJECTION. This offer is Countered Rejected.
793
Initials only of party (Buyer or Seller) who countered or rejected offer
794
END OF CONTRACT TO BUY AND SELL REAL ESTATE
795
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
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CBS4-6-15. CONTRACT TO BUY AND SELL REAL ESTATE (LAND) Page 17 of 17
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.:
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:
796
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Contract to Buy and Sell, Land

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Completed 22 January 2019

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