What is a Colorado Real Estate Contract?
A Colorado real estate contract, sometimes called a purchase and sale agreement, is a contract that is negotiated between a buyer and a seller to facilitate the sale of real property. These contracts are most commonly used when purchasing an existing residential property.
Colorado has a specific agreement that is used to buy and sell residential property called the Colorado Real Estate Commission’s Contract to Buy and Sell Real Estate. This form makes the buying and selling process uniform in Colorado and most real estate brokers will utilize this specific contract when guiding clients through the buying and selling process.
Common Colorado Real Estate Contracts
In addition to the Colorado Real Estate Commission’s approved contract used to purchase real estate, there are a couple other types of contracts that may be used when dealing with real estate. These contracts include:
- Real estate assignment contract. Used when purchasing “distressed properties” as a wholesale investment strategy. This contract allows the buyer to assign the contract to a second buyer.
- Lease agreement. Used when a landlord wants to rent their property to a tenant for use in exchange for a monthly rent.
- Commercial property purchase agreement. Used when buying or selling a commercial property that is zoned for business purposes like an office building or storefront.
4 Essential Elements of a Colorado Real Estate Contract
A Colorado real estate contract must include specific elements to make the document a valid and legally binding agreement. Using the Colorado Real Estate Commission purchase agreement takes the guess work out of contract drafting, but if a real estate broker chooses to draft their own real estate contract, it should contain these 4 essential elements:
- Identification and contact information of the buyer and the seller
- Description of the property
- Agreed upon purchase price
- Closing date and method of transferring the title
What Must Be Included in a Colorado Real Estate Contract?
A Colorado real estate contract needs to include certain information to ensure that both party’s interests are protected during the transaction. Every real estate contract should include the following essential information which can be found on the Colorado Real Estate Commission’s approved form:
- Deadlines. During the home buying process, there will be several deadlines that both parties must be aware of. The contract should lay out what tasks need to be completed, like a home inspection, and the deadline to complete these tasks.
- Earnest money deposit. An earnest money deposit is paid by the buyer once the seller accepts their offer. This deposit shows the seller that the buyer is serious about purchasing the house.
- Financing. The buyer will usually need to secure financing to purchase the house. The contract should include all applicable information relating to financing and a contingency that allows the buyer to back out of the contract if they cannot secure financing.
- Inspections. Colorado law requires sellers to fill out a Colorado Real Estate Commission approved property disclosure form. This form allows the seller to disclose the condition of the property and any issues that could affect the value of the property.
Can a Buyer Terminate a Real Estate Contract in Colorado?
Yes. Under certain circumstances, a buyer can terminate a real estate contract in Colorado. The Colorado Real Estate Commission contract provides buyers with eleven opportunities to terminate the contract without losing their earnest money deposit.
These opportunities include contingencies that protect the seller if they cannot get approved for financing, if there is an issue with the property title, if the house doesn’t pass inspection, or if the property doesn’t appraise.
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Meet some of our Colorado Real Estate Contract Lawyers
Jeff C.
Experienced and broad based corporate/business attorney and Outside General Counsel (OGC), for start-ups, small businesses and growing companies of all sizes, advising and assisting clients with corporate and LLC formation, contracts and agreements, internet and terms of use/service agreements, trademarks and intellectual property protection, the purchase and sale of businesses (M&A), labor and employment matters, compliance and risk management, corporate governance, and commercial leasing matters. See other reviews on my website at www.ogcservices.net/reviews
Matthew R.
I am an attorney located in Denver, Colorado with 13 years of experience working with individuals and businesses of all sizes. My primary areas of practice are general corporate/business law, real estate, commercial transactions and agreements, and M&A. I strive to provide exceptional representation at a reasonable price.
Jonathan G.
Small Business Attorney licensed in Texas and Colorado. Based in Dallas, appointments available in DFW area.
Atilla B.
Atilla Z. Baksay is a Colorado-based attorney practicing corporate and securities attorney. Atilla represents clients in the negotiation and drafting of transactional (e.g. master service, purchase and sale, license, IP, and SaaS agreements) and corporate (e.g. restricted stock transfers, stock options plans, convertible notes/SAFE/SAFT agreements, bylaws/operating agreements, loan agreements, personal guarantees, and security agreements) contracts, in-house documents (e.g. employment policies, separation agreements, employment/independent contractor/consultant agreements, NDAs, brokerage relationship policies, and office policy memoranda), and digital policies (e.g. terms of service, privacy policies, CCPA notices, and GDPR notices). Atilla also reviews, and issues legal opinions concerning, the security status of digital currencies and assets. Following law school, Atilla practiced international trade law at the Executive Office of the President, Office of the United States Trade Representative, where his practice spanned economic sanctions enacted against goods originating in the People’s Republic of China valued at $500 billion. Afterwards, Atilla joined a Colorado law firm practicing civil litigation, where the majority of his practice comprised of construction defect suits. Today, Atilla's practice spans all corporate matters for clients in Colorado and the District of Columbia.
August 18, 2020
William F.
William L Foster has been practicing law since 2006 as an attorney associate for a large litigation firm in Denver, Colorado. His experience includes drafting business contracts, organizational filings, and settlement agreements.
October 30, 2020
Thomas C.
Thomas Codevilla is Partner at SK&S Law Group where he focuses on Data Privacy, Security, Commercial Contracts, Corporate Finance, and Intellectual Property. Read more at Skandslegal.com Thomas’s clients range from startups to large enterprises. He specializes in working with businesses to build risk-based data privacy and security systems from the ground up. He has deep experience in GDPR, CCPA, COPPA, FERPA, CALOPPA, and other state privacy laws. He holds the CIPP/US and CIPP/E designations from the International Association of Privacy Professionals. Alongside his privacy practice he brings a decade of public and private transactional experience, including formations, financings, M&A, corporate governance, securities, intellectual property licensing, manufacturing, regulatory compliance, international distribution, China contracts, and software-as-a-service agreements.
November 16, 2021
Jeff C.
Jeff Colerick has been practicing law for over 30 years and has devoted his professional career to providing clients with intelligent representation and personal care. His experience as a lawyer involving complex matters has resulted in a long history of success. Jeff has built a practice based on a deep understanding of real estate assets and corporate activities. He combines his industry knowledge with a practical and collaborative approach to problem solving. Jeff’s client relationships are strong because they are built on mutual respect. Jeff talks the language of real estate and understands that it is a vehicle to deliver your business strategy. Jeff provides practical, responsive, and strategic advice related to real estate acquisition, construction, leasing, and sale of a wide range of real property types, including office, retail, medical, industrial, industrial flex-space, mixed-use condominium, multifamily and hospitality. As leader of the Goodspeed Merrill real estate practice group, Jeff represents clients with commercial and residential transactions, purchases and sales, land acquisition and development, real estate investment and financing, financing liens and security interests, and commercial leasing and lease maintenance, including lease enforcement support and advice. The firm represents clients in matters concerning construction, lending, developers, contractors and subcontractors, cell site leasing, property and boundary disputes, common interest community law, and residential condominiums and planned communities.
Find the best lawyer for your project
Browse Lawyers NowReal Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
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Location: Florida
Turnaround: Less than a week
Service: Contract Review
Doc Type: Real Estate Purchase Agreement
Page Count: 5
Number of Bids: 4
Bid Range: $300 - $1,000
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Mortgage assumption forms - sales contract/purchase agreement + release of liability/buyout agreement
Location: California
Turnaround: Less than a week
Service: Drafting
Doc Type: Real Estate Purchase Agreement
Number of Bids: 2
Bid Range: $495 - $1,000
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