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29 Cards in this Set
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In reference to Exercise 1 Scenario, the legal description for the South Ivy Circle property is: Lot 2, Block 4, Filing No 1, Maple Subdivision, CIty of Aurora Lot 2, Block 4, Filing No 1, Feldman Subdivision, City of Aurora 5252 South Ivy Circle Aurora CO 80013 Beginning at a point on the northeasterly corner of the intersection of South St. and South Ivy Circle.; running thence northerly along South Ivy Circle. 200 feet, thence easterly parallel to South St. 150 feet; thence southerly parallel to South Ivy Circle. 200 feet; thence westerly along South St. 150 feet to the point of beginning |
A: Lot 2, Block 4, Filing No 1, Maple Subdivision, CIty of Aurora The correct example was the provided Lot and Block legal description in answer A. Answer C is the mailing address of the property and not a legal description. The last answer is a Metes and Bounds legal description, but not of the subject property. More info: What is a legal description? - A Legal description is the geographical description of a real estate property for the purpose of identifying the property for legal transactions. A legal description of the property unambiguously identifies the location, boundaries, and any existing easements on the property. A legal description of the real estate is usually provided in a deed, mortgage, or other purchase document. It can also be obtained from a county recorder, tax assessor, or similar official. What is a Lot and Block legal description? - A method of describing land reference to a recorded plat or map. This method is used frequently in metropolitan areas. Usually it is used in conjunction with the rectangular survey or a metes-and-bounds description of a larger tract that is being divided (e.g., a residential subdivision).. The property to be divided is surveyed and laid out in lots that are numbered in sequence. These lots are platted and when sold are described by their designated numbers. What is a Metes and Bounds legal description?A method of describing land by specifying the exterior boundaries of the property using compass directions, monuments or landmarks where directions change and linear measurement of distances between these points. |
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What is typically not negotiable in the Contract to Buy and Sell Real Estate closing service fee mediation fee appraisal fee title fee |
A: mediation fee The purchase contract indicates that should there be a legal dispute between buyer and seller, the first legal recourse is mediation and both both parties will split the fee equally regardless of who prevails. From the Contract to Buy and Sell: MEDIATION. If a dispute arises relating to this Contract, prior to or after Closing, and is not resolved, the parties shall first proceed in good faith to submit the matter to mediation. Mediation is a process in which the parties meet with an impartial person who helps to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. The parties to the dispute must agree, in writing, before any settlement is binding. The parties will jointly appoint an acceptable mediator and will share equally in the cost of such mediation. The mediation, unless otherwise agreed, shall terminate in the event the entire dispute is not resolved within thirty days of the date written notice requesting mediation is delivered by one party to the other at the party’s last known address. This section shall not alter any date in this Contract, unless otherwise agreed |
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In reference to Exercise 1 Scenario, the buyers of the South Ivy Circle Property want: The dining room chandelier to remain with the property A home warranty to be provided by the sellers Washer and dryer to be included The furnace to be certified by a licensed HVAC contractor |
A: A home warranty to be provided by the sellers |
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As per the Assignability and Inurement clause in the Contract to Buy/Sell Real Estate: Checking the "Is" box means the contract is assignable with the seller's prior written consent Checking the "Is" box means the contract is assignable without the seller's prior written consent |
A: Checking the "Is" box means the contract is assignable without the seller's prior written consent Assignability and Inurement. This Contract ___ Is ___ Is Not assignable by Buyer without Seller’s prior written consent. |
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The broker working with the buyer in writing the Contract to Buy and Sell Real Estate must disclose which of the following? The broker is an agent of the buyer The broker is a transaction broker The broker is an agent of both the buyer and the seller The broker is either a Buyer's Agent or a Transaction Broker or a Seller's Agent |
A: The broker is either a Buyer's Agent or a Transaction Broker or a Seller's Agent Under this type of agreement, the broker may be working either as a Transaction Broker for the buyer or seller, or as a buyers agent, or as a Sellers agent.How can the agent working with the buyer be a Seller's Agent? When the Sellers Agent is selling a property to a customer ie. an unrepresented buyer. As an example: the Sellers agent sells the property to someone who saw the house in an open house the agent was holding. In this case the agent discoses that he/she represent the Seller and that the buyer is a customer. |
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In a transaction broker situation, what responsibility does the principal have to the agent? To present all offers in a timely manner To account for funds A fiduciary responsibility He may have to pay a commission |
A: He may have to pay a commission Pursuant to the terms of an exclusive right to buy contract the buyer may be obligated to pay a commission. |
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When a Seller decides to submit a Counterproposal in response to a Contract to Buy and Sell, the Seller: Checks the Countered box, signs both the original Contract and the Counterproposal Checks the Rejected box, initials the original Contract and signs the Counterproposal Checks the Countered box, initials the original Contract and signs the Counterproposal Carefully signs and submits only the Counterproposal |
A: Checks the Countered box, initials the original Contract and signs the Counterproposal To counter: the Seller would check the Countered box, initialing directly underneath in the space provided indicating the Seller is the one countering, The next step is to complete and sign the Counterproposal. The last step is to return the original offer and the counterproposal to the Buyer. The Seller does not sign the original offer as that would indicate acceptance. |
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If an offer was made on a house in which the buyer intended to be have a a hair salon in the basement, but found out a few days prior to closing that the zoning wouldn't allow it, can they cancel the agreement without penalty? Yes No, the buyer must perform this due diligence prior to submitting an offer Yes, but only if they terminate in writing prior to the Record Title Objection Deadline Yes, as long as they file an objection in writing prior to Closing |
A: Yes, but only if they terminate in writing prior to the Record Title Objection Deadline Zoning is a matter of Title. Buyers have the right to terminate the contact without penalty if any aspect of Title is unsatisfactory to them. However, they must due so in writing prior to either the Off-Record Title Objection Deadline or the Record Title Objection Deadline. From the Contract to Buy/Sell: Title Advisory. The Title Documents affect the title, ownership and use of the Property and should be reviewed carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property, including, without limitation, boundary lines and encroachments, area, zoning, unrecorded easements and claims of easements, leases and other unrecorded agreements, and various laws and governmental regulations concerning land use, development and environmental matters. The surface estate may be owned separately from the underlying mineral estate, and transfer of the surface estate does not necessarily include transfer of the mineral rights or water rights. Third parties may hold interests in oil, gas, other minerals, geothermal energy or water on or under the Property, which interests may give them rights to enter and use the Property. Such matters may be excluded from or not covered by the title insurance policy. Buyer is advised to timely consult legal counsel with respect to all such matters as there are strict time limits provided in this Contract [e.g., Record Title Objection Deadline (§ 3) and Off-Record Title Objection Deadline |
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The Colorado Contract to Buy & Sell states that "time is of essence hereof". This statement means that: All dates and deadlines must be performed within a reasonable margin of the stated time or date Everything not done by closing will be waived Everything in the contract must be complete within one year Dates and deadlines will be strictly interpreted |
A: Dates and deadlines will be strictly interpreted The legal phrase is that timing is important to the contract, and every date and deadline must be taken care of on or before that time.From the Contract to Buy and Sell:Please note the numbers in the following clause may change periodically although the language remains essentially the same....TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any note or check received as Earnest Money hereunder or any other payment due hereunder is not paid, honored or tendered when due, or if any obligation hereunder is not performed or waived as herein provided, there shall be the following remedies:xx.x. If Buyer is in Default:xx.x.x. Specific Performance. Seller may elect to treat this Contract as canceled, in which case all Earnest Money (whether or not paid by Buyer) shall be paid to Seller and retained by Seller; and Seller may recover such damages as may be proper; or Seller may elect to treat this Contract as being in full force and effect and Seller shall have the right to specific performance or damages, or both.Liquidated Damages, Applicable. This § xx.x.x shall apply unless the box in § xx.x.x. is checked. All Earnest Money (whether or not paid by Buyer) shall be paid to Seller, and retained by Seller. Both parties shall thereafter be released from all obligations hereunder. It is agreed that the Earnest Money specified in § x.x is LIQUIDATED DAMAGES, and not a penalty, which amount the parties agree is fair and reasonable and (except as provided in §§ xx.x, xx, xx and xx), said payment of Earnest Money shall be SELLER’S SOLE AND ONLY REMEDY for Buyer’s failure to perform the obligations of this Contract. Seller expressly waives the remedies of specific performance and additional damages.If Seller is in Default: Buyer may elect to treat this Contract as canceled, in which case all Earnest Money received hereunder shall be returned and Buyer may recover such damages as may be proper, or Buyer may elect to treat this Contract as being in full force and effect and Buyer shall have the right to specific performance or damages, or both. |
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According to the Contract to Buy and Sell Real Estate earnest money is held on behalf of: Seller Buyer Buyer and Seller Seller and Broker |
A: Buyer and Seller
As per the contract to buy and sell real estate: Earnest Money. The Earnest Money set forth in this section, in the form of _________________________________, is part payment of the Purchase Price and shall be payable to and held by _________________________________________________ (Earnest Money Holder), in its trust account, on behalf of both Seller and Buyer. |
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Under the Commission-approved Contract to Buy and Sell, if the buyer diligently tried to get a loan, was unable to do so and notified the Seller of such before the Loan Objection Deadline had passed, what would happen to the earnest money deposit? The broker and owner would split the money The broker would release the money back to the buyer The buyer and broker would split the money 50/50 The seller is entitled to liquidated damages and other things of value |
A: The broker would release the money back to the buyer As per the contract, the buyer is entitled to get back the earnest money. |
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Under the Contract To Buy & Sell Real Estate, if Buyer fails to notify Seller by the Loan Objection Deadline that Buyer wishes to terminate the contract because the terms of the loan are unsatisfactory: Buyer’s earnest money becomes nonrefundable Buyer must pay cash for the property Buyer cannot terminate the contract for any reason Seller must notify Buyer in writing that Buyer has forfeited the earnest money |
A: Buyer’s earnest money becomes nonrefundable From Contract to Buy and Sell Real Estate:Loan Conditions. If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is conditional upon Buyer determining, in Buyer’s sole subjective discretion, whether the New Loan is satisfactory to Buyer, including its availability, payments, interest rate, terms, conditions, and cost of such New Loan. This condition is for the benefit of Buyer. Buyer shall have the Right to Terminate under § 25.1, on or before Loan Conditions Deadline (§ 3), if the New Loan is not satisfactory to Buyer, in Buyer’s sole subjective discretion. IF SELLER DOES NOT TIMELY RECEIVE WRITTEN NOTICE TO TERMINATE, BUYER’S EARNEST MONEY SHALL BE NONREFUNDABLE, except as otherwise provided in this Contract (e.g., Appraisal, Title, Survey). |
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In the section on Purchase Price and Terms in a Residential Contract to Buy and Sell, which of the following is true concerning the entry for cash at closing? It represents the total amount the buyer should plan to bring to closing. It should match the good-faith estimate provided with the HUD-1 form. It represents the approximate amount the seller will receive at closing. It does not include the buyer's closing costs, such as loan fees. |
A: It does not include the buyer's closing costs, such as loan fees. The line item of cash at closing is entered in order to complete the math showing the sources of funds that equal the total purchase price. The amount does not include closing costs or new loan fees and is not intended to represent final figures. |
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In reference to Exercise 1 Scenario, as per the South Ivy Circle exercise: Both the Specific Damages and the Liquidated Damages boxes were checked and applicable. The Liquidated Damages box was checked and selected. The Specific Performance box was checked and selected.There is no box to select Liquidated Damages. The Specific Performance box was not checked. |
A: The Specific Performance box was not checked. Specific Performance and Liquidated Damages are remedies for the seller in the event of a default on the contract by the buyer. Only the Specific Performance option has a selection box. If it is not checked Liquidated damages is the default option and thus there is no Liquidated Damages selection box. For more information read the following contract language. Contract Language: TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any note or check received as Earnest Money hereunder or any other payment due hereunder is not paid, honored or tendered when due, or if any obligation hereunder is not performed or waived as herein provided, there shall be the following remedies: If Buyer is in Default: [ ] Specific Performance. Seller may elect to treat this Contract as canceled, in which case all Earnest Money (whether or not paid by Buyer) shall be paid to Seller and retained by Seller; and Seller may recover such damages as may be proper; or Seller may elect to treat this Contract as being in full force and effect and Seller shall have the right to specific performance or damages, or both. Liquidated Damages, Applicable. This shall apply unless the box in § xx.x.x (Specific Performance). is checked. All Earnest Money (whether or not paid by Buyer) shall be paid to Seller, and retained by Seller. Both parties shall thereafter be released from all obligations hereunder. It is agreed that the Earnest Money specified in § x.x is LIQUIDATED DAMAGES, and not a penalty, which amount the parties agree is fair and reasonable and (except as provided in §§ xx.x), said payment of Earnest Money shall be SELLER’S SOLE AND ONLY REMEDY for Buyer’s failure to perform the obligations ofthis Contract. Seller expressly waives the remedies of specific performance and additional damages. If Seller is in Default: Buyer may elect to treat this Contract as canceled, in which case all Earnest Money received hereunder shall be returned and Buyer may recover such damages as may be proper, or Buyer may elect to treat this Contract as being in full force and effect and Buyer shall have the right to specific performance or damages, or both. |
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In the South Kenyon exercise, in the Earnest Money clause you entered: The form, amount and holder of the Earnest Money The form and holder of the Earnest Money. The amount and holder of the Earnest Money The amount of the Earnest Money |
A: The form and holder of the Earnest Money. Earnest Money. The Earnest Money set forth in this section, in the form of ______________________, will be payable to and held by ________________________________________ (Earnest Money Holder), in its trust account, on behalf of both Seller and Buyer. The Earnest Money deposit must be tendered, by Buyer, with this Contract unless the parties mutually agree to an Alternative Earnest Money Deadline (§ 3) for its payment. The parties authorize delivery of the Earnest Money deposit to the company conducting the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money Holder has agreed to have interest on Earnest Money deposits transferred to a fund established for the purpose of providing affordable housing to Colorado residents, Seller and Buyer acknowledge and agree that any interest accruing on the Earnest Money deposited with the Earnest Money Holder in this transaction will be transferred to such fund. |
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According to the Contract to Buy and Sell, who pays for the appraisal? Buyer Seller Negotiated between buyer and seller Split 50/50 |
A: Negotiated between buyer and seller It is negotiable.. but traditionally the buyer pays for the appraisal as it is the buyer's lender that requires it. See the section "Appraisal Provisions" in the Contract to Buy and Sell Real Estate |
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In the South Kenyon contract, the buyer wants $3,000 from the seller to apply to his closing costs; Where should this be specified in the contract: Add to the Cash at Closing amount Indicate the amount as a contribution in Seller or Private Financing Indicate the amount and form of payment in Seller Concession Indicate the amount in Seller Concession |
A: Indicate the amount in Seller Concession From the Contract to Buy/Sell Real Estate: Seller Concession. Seller, at Closing, will credit, as directed by Buyer, an amount of $______________ to assist with any or all of the following: Buyer’s closing costs, loan discount points, loan origination fees, prepaid items (including any amounts that Seller agrees to pay because Buyer is not allowed to pay due to FHA, CHFA, VA, etc.), and any other fee, cost, charge, expense or expenditure related to Buyer’s New Loan or other allowable Seller concession (collectively, Seller Concession). Seller Concession is in addition to any sum Seller has agreed to pay or credit Buyer elsewhere in this Contract. Seller Concession will be reduced to the extent it exceeds the aggregate of what is allowed by Buyer’s lender as set forth in the Closing Statement at Closing. |
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What is a mandatory recommendation in the Contract to Buy/Sell Real Estate? Use of a home inspector Use of Legal Counsel Use of a surveyer to verify property boundaries Use of Legal and Tax Counsel |
A: Use of Legal and Tax Counsel Brokers are required to recommend use of legal and tax counsel to their clients. This is accomplished through the following verbiage: From the Contract to Buy/Sell Real Estate;RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller acknowledge that the respective broker has advised that this Contract has important legal consequences and has recommended the examination of title and consultation with legal and tax or other counsel before signing this Contract. |
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Complete this Clause. Inspection Objection: Unless otherwise provided in the Contract, Buyer acknowledges that Seller is conveying the Property to Buyer... in an “as is” condition, “where is” and “with all faults." in an "as is" condition subject to the agreed adjustments as per the Inspection Resolution. in an "as is" condition. in an "as is" and "with all faults" condition. |
A: in an “as is” condition, “where is” and “with all faults." Inspection Objection. Unless otherwise provided in this Contract, Buyer acknowledges that Seller is conveying the Property to Buyer in an “as is” condition, “where is” and “with all faults.” Colorado law requires that Seller disclose to Buyer any latent defects actually known by Seller. Disclosure of latent defects must be in writing. Buyer, acting in good faith, has the right to have inspections (by one or more third parties, personally or both) of the Property and Inclusions (Inspection), at Buyer’s expense. If (1) the physical condition of the Property, including, but not limited to, the roof, walls, structural integrity of the Property, the electrical, plumbing, HVAC and other mechanical systems of the Property, (2) the physical condition of the Inclusions, (3) serviceto the Property (including utilities and communication services), systems and components of the Property (e.g. heating and plumbing), (4) any proposed or existing transportation project, road, street or highway, or (5) any other activity, odor or noise (whether on or off the Property) and its effect or expected effect on the Property or its occupants is unsatisfactory, in Buyer’s solesubjective discretion, Buyer may, on or before Inspection Objection Deadline (§ 3): |
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The Colorado Contract to Buy & Sell includes a provision about lead based paint disclosure. According to this provision, if the building permit was issued prior to Jan 1, 1978: The broker is responsible to disclose the age of the property The contract is void unless disclosure is signed by the seller, buyer and brokers prior to the parties signing the sales agreement Disclosure is required only if the sellers are aware of lead based paint on the property The seller and brokers must make a disclosure prior to closing |
A: The contract is void unless disclosure is signed by the seller, buyer and brokers prior to the parties signing the sales agreement It must be signed by buyer, seller and brokers prior to the contract being accepted. If not, the contract is VOID. From the Contract to Buy/Sell Real Estate: Lead-Based Paint. Unless exempt, if the improvements on the Property include one or more residential dwellings for which a building permit was issued prior to January 1, 1978, this Contract is void unless (1) a completed Lead-Based Paint Disclosure (Sales) form is signed by Seller, the required real estate licensees and Buyer, and (2) Seller receives the completed and fully executed form prior to the time when this Contract is signed by all parties. Buyer acknowledges timely receipt of a completed Lead-Based Paint Disclosure (Sales) form signed by Seller and the real estate licensees. |
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As per the Assignability and Inurement clause in the Contract to Buy/Sell Real Estate: Checking the "Is Not" box means the contract is not assignable Checking the "Is Not" box means the contract is not assignable without the seller's prior written consent |
A: Checking the "Is Not" box means the contract is not assignable without the seller's prior written consent Assignability and Inurement. This Contract ___ Is ___ Is Not assignable by Buyer without Seller’s prior written consent. |
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What qualifies as "Good Funds"? credit union check title company account check cashier's check cash |
A: cashier's check From the Contract to Buy/Sell Real Estate: Good Funds. All amounts payable by the parties at Closing, including any loan proceeds, Cash at Closing and closing costs, must be in funds that comply with all applicable Colorado laws, including electronic transfer funds, certified check, savings and loan teller’s check and cashier’s check (Good Funds). |
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If a Seller is in default of the terms of the Contract to Buy & Sell: The buyer may cancel or sue for specific damages Buyer may sue to get the earnest money back Buyer may terminate by forfeiting the earnest money Buyer's remedy is determined by which box is checked |
A: The buyer may cancel or sue for specific damages If the Seller defaults the options are with the Buyer,they can cancel, sue for specific performance, or damages, or both. From Contract to Buy and Sell Real Estate: If Seller is in Default: Buyer may elect to treat this Contract as canceled, in which case all Earnest Money received hereunder shall be returned and Buyer may recover such damages as may be proper, or Buyer may elect to treat this Contract as being in full force and effect and Buyer shall have the right to specific performance or damages, or both. |
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In the Contract to Buy/Sell Real Estate (AKA the purchase contract), who is responsible for the cost of the appraisal? Buyer Seller Split between all parties to the contract Negotiable |
A: Negotiable Who pays what in the purchase contract is always a matter of negotiation. Although there are traditions that we follow, such as the Seller paying for Title Insurance, this is custom and not law. Neither the Real Estate Commission or State Statutes will tell a Buyer or Seller what they must pay. That is between the buyer and the seller. From the real estate contract: Cost of Appraisal. Cost of any appraisal to be obtained after the date of this Contract must be timely paid by ___ Buyer ___ Seller. The cost of the appraisal may include any and all fees paid to the appraiser, appraisal management company, lender's agent or all three. |
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Fill in the blank. As per the Contract to Buy/Sell Real Estate: LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of any arbitration or litigation relating to this Contract, prior to or after Closing Date (§ x), the arbitrator or court must award to ______________________________, including attorney fees, legal fees and expenses. each party an equal share of reasonable costs and expenses the prevailing party damages the losing party all reasonable costs and expense the prevailing party all reasonable costs and expense |
A: the prevailing party all reasonable costs and expense Do not confuse litigation and arbitration with mediation. Mediation is a non-binding process and all parties share in the costs equally. Litigation and arbitration is binding and the prevailing party will be awarded costs and expense from the losing party. |
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A plat map shows: streets parks blocks all of the above |
A: all of the above Plats are developed by the subdivider and must be approved by the municipality before they can be recorded. |
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As per the South Kenyon Court purchase contract, the seller remedy for the buyer default is: The Liquidated Damages box was checked, the seller receives the earnest money only. The Specific Performance box was checked, the seller gets the earnest money and can sue for damages. There is no selection box for Liquidated Damages. It is the default. The seller receives the earnest money only. There is no selection box for Specific Performance. It is the default. The seller gets the earnest money and can sue for damages. |
A: The Specific Performance box was checked, the seller gets the earnest money and can sue for damages. You answered this question incorrectly As per the South Kenyon Court purchase contract, the seller remedy for the buyer default is: The Liquidated Damages box was checked, the seller receives the earnest money only.Correct ->The Specific Performance box was checked, the seller gets the earnest money and can sue for damages.Your Choice ->There is no selection box for Liquidated Damages. It is the default. The seller receives the earnest money only. There is no selection box for Specific Performance. It is the default. The seller gets the earnest money and can sue for damages. ExplanationThe contract specifies Specific Performance as the seller remedy in the event of a default by the buyer.Specific Performance and Liquidated Damages are the two options as remedies for the seller in the event of a default on the contract by the buyer. Only the Specific Performance option has a selection box. If it is not checked Liquidated damages is the default option and thus there is no Liquidated Damages selection box. For more information read the following contract language. Contract Language: TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any note or check received as Earnest Money hereunder or any other payment due hereunder is not paid, honored or tendered when due, or if any obligation hereunder is not performed or waived as herein provided, there shall be the following remedies: If Buyer is in Default: [x ] Specific Performance. Seller may elect to treat this Contract as canceled, in which case all Earnest Money (whether or not paid by Buyer) shall be paid to Seller and retained by Seller; and Seller may recover such damages as may be proper; or Seller may elect to treat this Contract as being in full force and effect and Seller shall have the right to specific performance or damages, or both.Liquidated Damages, Applicable. This shall apply unless the box in § xx.x.x (Specific Performance). is checked. All Earnest Money (whether or not paid by Buyer) shall be paid to Seller, and retained by Seller. Both parties shall thereafter be released from all obligations hereunder. It is agreed that the Earnest Money specified in § x.x is LIQUIDATED DAMAGES, and not a penalty, which amount the parties agree is fair and reasonable and (except as provided in §§ xx.x), said payment of Earnest Money shall be SELLER’S SOLE AND ONLY REMEDY for Buyer’s failure to perform the obligations ofthis Contract. Seller expressly waives the remedies of specific performance and additional damages.If Seller is in Default: Buyer may elect to treat this Contract as canceled, in which case all Earnest Money received hereunder shall be returned and Buyer may recover such damages as may be proper, or Buyer may elect to treat this Contract as being in full force and effect and Buyer shall have the right to specific performance or damages, or both. |
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In the Colorado Contract to Buy & Sell encumbrances to be paid by the seller: Must be paid prior to closing Must be paid at or before closing Must not be paid from proceeds from the sale of the property May be paid by the seller after closing |
A: Must be paid at or before closing The encumbrances must be paid by the Seller before the property can transfer. From the Contract to Buy/Sell Real Estate: PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid will be paid at or before Closing from the proceeds of this transaction or from any other source. |
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In the Colorado Contract to Buy & Sell the inspection provision allows the buyer to terminate the contract: Immediately if the seller refuses t correct certain defects Only after listing unsatisfactory conditions that cause the buyer to terminate If the property is unsatisfactory in the buyer's subjective opinion. Only if a licensed inspector determines that there are significant problems with the property |
A: If the property is unsatisfactory in the buyer's subjective opinion. The buyers are the judge of what conditions may cause them to terminate and they do not have to give any reason for the termination other than "it's not satisfactory". From the Contract to Buy and Sell: Inspection Objection. Deliver to Seller a written description of any unsatisfactory physical condition that Buyer requires Seller to correct. Buyer shall have the Right to Terminate on or before Inspection Objection Deadline, based on any unsatisfactory physical condition of the Property or Inclusions, in Buyer’s sole subjective discretion. |
