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Colorado Real Estate Contracts are changing in 2011
2011 brings all new Colorado Real Estate Contracts
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The one thing you can count in Colorado Real Estate is constant change. There are all new contracts for 2011, and here’s a quick summary of the some of the changes in new 2011 Colorado Real Estate Contracts and my interpretation of the contract. If you would like to see the new forms, here’s the link to Colorado Division of Real Estate.
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The new contract states ………… If any fixtures are attached to the Property after the date of this Contract, such additional fixtures
are also included in the purchase price. My Interpretation, if the contract is signed, and the seller (owner of the property) puts in a new built-in stove; that new stove is now included in the contract. -
On Line 111 and 112 the new contract states…………… Seller concessions shall be reduced to the extend it exceeds the aggregate of what is allowed by the Buyer’s Lender, but in no event shall Seller pay or credit an amount for Seller Concession that exceeds the lesser of (1) he states amount for Seller Concession of (2) Buyer’s Closing cost. My interpretation of this, if the Buyer has negotiated $4000.00 in closing costs but there are only $3500.00 in allowable closing per the lender, the Seller can’t give a check to the buyer for the unused closing costs.
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Line 227 states …………… If FHA or VA Appraisal is checked, the Appraisal Deadline (3) does not apply to FHA or VA Guaranteed loans. My Interpretation, if the Buyer’s Agent puts a date in the contract for the appraisal deadline and it’s an FHA Loan, the date does not apply.
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Line 378 & 379 states ……. Buyer acknowledges that Seller is conveying the Property to Buyer in an “as is” condition, “where is” and “with all faults”. My interpretation, the property is sold as is; which can still be subject to an inspection, but the seller may or may not make any repairs to the property. Read the rest of this entry »
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About one in six Americans currently live in a community run by a condo or homeowners association. With the recent increase in foreclosures, some homeowners associations are running out of cash. HOA’s are like miniature governments that depend on revenue to finance upkeep of common areas, community pools, tennis courts and private roads.
Before a property goes into foreclosure, many owners stop paying their monthly HOA dues. In fact, HOA fees are generally among the first bills struggling homeowners quit paying. If they can’t afford their mortgage, then they aren’t going to pay their HOA fees. Adding to the problem Read the rest of this entry »
