Colorado eal estate sales contracts may differ
significantly yet all should clearly set forth
the responsibilities and privileges of all the
parties involved. It is a legally binding document
that protects each party. Before buying real estate in the Denver metro area, or anywhere in Colorado, carefully review the
terms of the contract. The Colorado real estate sales contract should
include the following:
 Legal
description of the property and the exact street
address
- Selling
price of the property
- Amount
of earnest money and who is holding it –
Often it is held in an escrow account by a third
neutral party.
- Amount
due at settlement
- Specifics
of the mortgage (amount, rate and terms)
- Title
or Escrow company - Either a title company,
escrow company, or attorney must be areed upon
by buyer and seller
- Details
W&W of the closing - when and where
- Home
inspection - Recommended to ensure against structural
and unknown defects, and must be completed by
a specific date set forth in the contrct and
completed by a cerified home inspector
- Inclusions
and exclusions - Examples would include washers,
dryers, drapes, etc.
- Pest
Inspection - Who is responsible if there is
damage or an infestation
- Warranties
- Get the description of any that are included
with the house
- Repairs
– Unless you are accepting as-is, state
who is responsible for repairs, with a date
for a walk-through inspection
- Well
and septic – They must pass a test, if
applicable
- Date
of possession – When you take possession
of the property
- Acceptance
date – Either an acceptance or counter
offer must occur by a specified date
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