Colorado forms and contracts Flashcards

Colorado forms and contracts Flashcards CounterproposalTerminate the offer and creates a new oneCounter proposal must be attached to the original offeroffered ( usually the seller) does not sign the offer, only the counterofferThe seller would be obligated to withdraw a counter offer in order to accept another offer from a different party Square footage disclosureRequired to be supplied by the listing broker in a timely manner, if square footage of a residential property is givenIf the listing broker measures the property, indicate which method was usedIf another source of square footage is used, name the sourceThe listing broker may not use an unreliable sourceSquare footage is for marketing not for valuation or financing Contract process for common interests community documents The seller must provide the documents. Once the buyer receives them, the sellers have met their obligation , no matter how the buyer obtained the documentsIf the buyer finds the conditions unacceptable, the buyer may terminate the contract by written notice prior to the CIC documents objection deadlineThe seller has no ability or obligation to cure CIC document items that the buyer is not satisfied with by any deadline Notice, delivery, and choice of lawAllows for E- signatures; however, it States, original signatures shall be provided upon request of any party Change of status formUsed when an agent will double and a transaction and become a transaction broker for both partiesThis is not a contractor new agreement Transaction brokers owe DCARDisclosureConfidentialAccountingReasonable CareActs as a facilitator or referee, must still keep confidential PTM ( ,Price, terms, and motivation ) Mediation in all approved Contract forms The parties agreed to submit any dispute about the contract to mediation for up to 30 daysMediation is not binding. A resolution signed by the parties will be bindingThe parties jointly agree to a mediatorThe parties will split the cost of mediation . this is not negotiableIf the dispute is not resolved, either party may seek litigation or arbitration Appraisal provisionThe cost of the appraisal is negotiated Default remediesSpecific performance- Seller may keep the earnest money, Sue for damages, or Sue to force the buyer to buyLiquidated damages - The default seller's remedy is limited to keeping the earnest money

Brokerage relationshipOnly the designated broker, not be employing broker, has the brokerage relationship with the consumer Inspection objection and resolution deadline The buyer has until the objection deadline to inspect and said any request to the sellerThe parties must resolve inspection issues before the resolution deadlineIf not the contact will terminate on the resolution deadline Obligations of the broker associateMeet the terms of all representation agreements and the uniform dutiesMaintain confidentiality of all parties being represented at all timesBe knowledgeable of contract forms and law as well as realestate lawWork with other firms to make sure contracts close Stages of a Real Estate purchase contract Study page 26 Common interests community ( CIC)Documents are used for communities with and the authority to Levy mandatory assessments for the maintenance of common elementsCreate statutory liens for OA( owner Association) dues and assessments Rule FPurpose of rule F is to assist brokers in complying Conway Bogue decisionDeals with formsIf a form is approved, brokers must use itCertain clauses specified by rule may be omitted in the printing of the form , primary financing methods that do not apply All contracts belong to the brokerage firm The parties are the customer ( Seller, buyer, or tenant) and the brokerage firmBrokerage firms or customers attorneys may drafty transaction specific listing agreementBrokerage firm's attorneys may draft an addendum to be used by all brokers in the firm for all listings Inclusions and exclusionsFixtures must be excludedPersonal property must be includedInclusions would be listed in a different font in the contract Contract forms generated by computer ( Rule F) Reproduce language exactly as approvedHave software security to prevent language from being inadvertently changed or deletedAny language added in the blanks, such as those listing inclusions karma must be differentiator it from the approved language. It can be italicized, bold, different type size, or font, as long as a reader can tell it is different from the approved language Title advisoryThis warns that 3rd parties may own rights in minerals or other interests, giving them the right to enter and use the property Inspection noticeThis form carries out the steps in the inspection sectionDoes not change the objection or resolution deadline ; The broker would need to use and a man that/extend contract form Expressed written contractRequired for all realestate transactions done by brokerage

Single party listing ( CP-13)A broker who takes a single party listing should did the followingMake the listing specific to the buyerRemove the holdover clause Licensee buyout addendum ( Commission position statement CP - 23 )

States the following :The broker/buyer is a licencee and

can fund the purchaseThe broker/buyer may make a profit on the resaleThe broker/buyer will be obligated to pay losses or expensesDoes not require the seller to pay any costs or commission fees to the buyer/broker if the buyout closes Seller's property disclosureThe seller fills out and signs the form( the broker does not)The seller certifies to truth of statement based on the seller's current actual knowledgeThe seller must disclose material facts known by them, even if selling "as is" .Disclosure of material facts is not optionalIf the seller declines to complete the disclosure form, the broker should inform the seller that the buyer will most likely request the disclosure as part of the contracted by buy and sell Rule F-3 violationBrokers in firms are in violation of rule F - 3 if they attach a non negotiated addenda to a contract to buy and sell real estate Agreement to Amend / Extend ContractUsed to modify the contract to buy and sell onlyIs to extend our change provisions ,such as closing dateMust be signed by all parties before the deadline Earnest money upon terminationThe broker must return the earnest money immediately unless there is an earnest money dispute Agreement to amend/extend contract with broker This form is used to modify/change/an existing listing contractThe broker must amend or extend a listing or buyer representation agreement before the termination date Parties of a contract to buy and sell realestate The parties are the buyer and the sellerThe brokerage firm is not a party to this contractThe brokerage firm's attorney may not draft a general or specific contract form for a buyer or sellerBrokers may help the buyer and/or seller draft addendum to reflect negotiated itemsBrokers or brokerage firms may not draft and attach any addendum that was not negotiated between the buyer and the seller unless the

addendum is created by :The principal to the transactionAn

attorney representing the principal or the brokerage firm Rule F does not applied to the following Contracts for new homes with warrantiesContracts prepared by subdivision developers